DataWatch January 2015

Po
JANUARY 2015
Independent Electricity
System Operator Merges with
Ontario Power Authority
Platts Introduces New

LNG FOB Marker for the
East Atlantic
CME Group Launches

Suite of European
Natural Gas Contracts
Thomson Reuters Appointed

to Administer Canadas Two
Key Interest Rate Benchmarks
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Pa
The Seven Ages of Oil:

Boom and Bust, War and Peace,
Growth and Decline
By Aiman El-Ramly
Powered by
New products and
data sources
Delisting of products
and datasources
Potential impact
on data
Changes to data attributes,

replacement of products
Editorial 5
State of the Union Address: Dominating the World Energy Markets and Losing to Congress
5
Power 7
IESO Merges with OPA
7
PEGAS Markets Operated by Powernext are Merged with EEX
8
Power
Petroleum
Petroleum 9
Platts to Launch FOB Arab Gulf Gasoil Assessment
9
Platts to Launch Spot Metallocene Assessments
9
Platts Adds Gasoil Derivatives Content to Platts Forward Curve Asia
10
Platts Assesses European East-West Fuel Oil Spreads
11
Platts Introduces Daily European Orthoxylene Assessments
11
Platts Adds Fuel Oil Derivatives Page to Platts Forward Curve Europe
11
Platts Launches US Sulfur Bunker Fuel Assessments
12
Platts Introduces New Cut-off Time for Fuel Oil Market
12
Platts Introduces New US Shale Crude Commentary
13
Argus Introduces Argus Americas Asphalt and Argus Bitumen Publications
13
Argus Introduces New Russian Sulfur Bunker Assessments
14
NYMEX Lists Freight Route Liquid Petroleum Gas Futures Contract
14
ICE Futures Europe Completes Transition to Low Sulfur Gasoil Contract
15
MCX Begins Futures Trading in Crude Mini
16
Platts to Discontinue Falmouth Ex-Wharf Bunker Assessments
16
Platts to Discontinue Current Palm Oil/Gasoil Spread Assessment
16
Platts Stops Publishing US Gulf Coast Premium CBOB Gasoline Assessments
17
Platts Discontinues Russia Light Ends Export Duty
17
Platts Stops Publishing ARPEL Consumer Price Postings
17
Argus Discontinues US and European Asphalt Assessments
18
Argus Discontinues Marine Fuels Assessments
18
Argus Discontinues European Fuel Oil Bunker Assessments
20
Argus Stops Publishing Russian Fuel Oil Bunker Assessments
20
Argus Discontinues Select Afghanistan Petroleum Assessments
22
NYMEX Delists Gasoil Related Futures and Options Contracts
22
Platts to Amend FOB Singapore Assessments for Fuel Oil, Middle Distillates, and Gasoline
23
Platts Changes Name of its Canadian Syncrude Sweet Assessment
23
Argus Makes Changes to US Petroleum Product Codes
24
Argus Modifies Publishing Frequency of Fuel Oil and Gasoil Bunker Assessments
25
Argus Changes Code Description for US Gulf Petroleum Freight
25
Argus Updates Code Descriptions for Latin American Petroleum Freight
26
CME Modifies Gasoil Futures and Options Product Names
26
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
In Depth
January 2015
Editorial
Summary
Contents
Power
Petroleum
Coal 37
Argus Adds New European Coal Assessments
37
Nat Gas
Softs and Metals

38
SOFTS 38
CME Lists Cocoa Futures
38
ICE Futures Europe to Introduce New Euro Cocoa Contract
39
MGEX Launches Wheat Calendar Spread Options
39
Platts Discontinues Northwest European DOP Assessments
39
TOCOM and Nikkei Discontinue Raw Sugar Futures
39
METALS 40
COMEX Lists Gold Kilo Futures Contract
40
Platts to Discontinue East Asian Wire Rod Price Assessments
41
Platts Discontinues Publication of Daily Kuala Lumpur Tin Price
41
Platts Discontinues Quarterly Ore Lump Contract Price
41
Platts Discontinues Weekly CIF Japan Indium Assessments
41
Platts Stops Publishing Weekly FOB China Antimony Price
41
Platts Discontinues Weekly FOB China Tungsten Prices
42
Argus Renames Flotta Gold Codes
42
Coal
Softs and
Metals
Finance
Weather and
Emissions
Finance 43
CBOE Begins Distributing Volatility Index Values on FX Options Contracts
43
ICE Futures US Launches Five New Forex Contracts
43
ICE Launches Clearing for Additional European Sovereign CDS Instruments
44
Thomson Reuters Appointed to Administer Canadas Two Key Interest Rate Benchmarks
44
Bloomberg and SSGA Introduce Fixed Income ETF Basket Tool
45
Deutsche-Brse Launches New X-Trackers Bond Index ETFs
46
NYSE Group and MYRA Capital Launch NYSE Dynamic Index Family
47
First Trust Value Line Equity Allocation Index Fund Now Listed on Nasdaq
47
EBS Market Launches End of Month Indian Rupee Forward
48
Swedbank Robur Starts Clearing Interest Rate Swaps through Nasdaq
49
ICAPs EBS Collaborates with SGX on Asian Foreign Exchange Initiatives
49
Data
Vendors
Market
Analysis
In Depth
January 2015
Editorial
31
31
32
33
33
34
34
35
36
Summary
Natural Gas
Platts Launches LNG Atlantic FOB Marker
Platts Launches Transco Zone 5 Listing
Platts Introduces Transco Zone 6 Listing
Platts Launches New Columbia Gas and Appalachia Listings
Argus Adds Midpoints to Existing Propane Swaps Series
CME Group Launches Suite of European Natural Gas Contracts
Argus to Discontinue European Propane Swap Assessments
NYMEX Delists Four Natural Gas Futures Contracts
Monthly Market Analysis

Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX)
Crude Oil Brent vs. WTI: Forward Curve (NYMEX)
North American Natural Gas Spot Prices (NYMEX)
Henry Hub Natural Gas Forward Curve (NYMEX)
Actual Weather (Accuweather)
Electricity: Day-Ahead Prices (ICE)
61
61
62
63
64
65
66
In Depth
Part 1 of 2: The Seven Ages of Oil: Boom and Bust, War and Peace, Growth and Decline
Dateline January 2015: The Perilous Plummet
Boom Goes the Machine-Drilled Well
The Seven Ages
1859-1870: Illumination Births an Industry
1870-1911: Rockefeller Creates the Multinational Oil Standard
1911-1921 A Pax on You
1921-1973 Texas Oil Boom in the Gusher Age
To be continued.
67
67
67
68
68
69
70
72
74
76
Petroleum
52
52
53
54
55
56
57
57
58
Power
News from Data Vendors

ZEMA Adds Numerous Electricity Reports to Its New January Data Sources
ZE and Interactive Data Co-Host Integration Lunch and Learn in Houston, TX
Harmonization of PEGAS Markets Successfully Completed
Argus Acquires MetalPrices.com, Expands Metals Coverage
Colombia Adopts Argus Coking Coal and Freight Assessments in Volatile Market
Carbon Market Data launches the South Korea ETS Database
Transmission System Operators Elia, RTE and Tennet Jointly take 36.7% Share in EPEX SPOT
French-German Office for Renewable Energies and EPEX SPOT Issue Joint
Paper on Direct Marketing of Renewable Energy
Speedwell Weather Announces an Expansion of South American Coffee
Monitoring in its Commodity Product
Editorial
50
50
51
Summary
Weather and Emissions

Platts Begins Publishing Cross-State Air Pollution Rule Allowance Assessments for 2015, 2016
AccuWeather Releases New Android Wear App with MinuteCast
Nat Gas
59
Coal
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
In Depth
January 2015
Summary
Editorial
Editorial
Power
State of the
Union Address:
Dominating
the World
Energy Markets
and Losing to
Congress
Petroleum
Nat Gas
Coal
Market
Analysis
In Depth
Data
Vendors
January 2015
Weather and
Emissions
But lets begin with some context. The 2009 speech cleared the way for clean energy
technologies and suggested that the United States would double the nations supply of
renewable energy in the next three years. A year later, a new comprehensive energy and climate
bill was promised to US citizens. In 2011, the address confirmed the chosen direction by voicing
the Presidents pledge to have 80% of the nations electricity coming from clean resources by
2035, while also promising to bring 1 million electric vehicles to the road by 2015. The 2012
speech altered this direction the new all of the above strategy invited fossil fuels back into
the circle with the honorable mentioning of hydraulic fracturing technology designed to enhance
the recovery of shale deposits. In the 2013 speech, the President proposed the creation of an
Energy Security Trust dedicated to shifting cars and trucks off petroleum, the development of
Finance
The last five years could be called anything but boring for those who paid close attention to the
sections of the Presidents addresses related to energy: at first the direction was chosen, then
it was altered, then the originally chosen direction was re-stated, and so on. The 2015 speech,
however, brought an even bigger surprise.
Softs and
Metals
The State of the Union Address, the speech delivered by the US President at a joint session of the
US Congress, is the most highly anticipated public announcement of the year for many
industries, including energy. But the state of the union per se is only part of the speech; the
address also puts forward strategic directions that crystalize into various legislations, policies,
programs, and initiatives throughout the year and afterward. The latter portion is perceived as
being the most valuable, mainly because it provides an indication of future government funding.
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
The Excelerate Energys LNG terminal in

Lavaca Bay, Texas, the first floating export
facility in the United States, was put on
hold in December 2014 due to uncertainty
in its economic success.
Petroleum
According to the EIA petroleum report, the

US crude oil imports have been declining
since 2013.
Data
Vendors
In Depth
ConocoPhillips, Shell, Hess, Occidental

Petroleum, and Marathon Oil reduced their
capital expenditures for 2015 due to
deferrals of the US drilling and exploration
plans, the decline in shale wells return, and
dropping oil prices.c
Market
Analysis
January 2015
than the rest of the world in preventing the

President from achieving his goals and
objectives, I am more interested in the
nations world-domination stance itself. And I
wonder how the following facts fit into it:
Power
While I find it very curious that the US

Congress has proved to be more powerful
Advertising & Vendor Relationships

Bruce Colquhoun
Phone: (604) 790-3299
Email: bruce.c@ze.com
Have an idea for an article or would like to
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at datawatch@ze.com
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To access previous issues of ZE DataWatch,
go to datawatch.ze.com
ZEMA Inquiries
Bruce Colquhoun
Phone: (604) 790-3299
Email: bruce.c@ze.com
Editorial
What a wonderful birthday present that

speech was a vague reference to the US
energy policy framed with a lei of slogans.
The US President elevated the nation to the
position of the world leader in many different
areas, including the energy industry: And
today, America is number one in oil and gas.
America is number one in wind power. Every
three weeks, we bring online as much solar
power as we did in all of 2008. Impressive.
The US President seemed to have conquered
the world energy markets, but admittedly
could not persuade Congress to develop the
climate change legislation promised in 2013:
over the past six years, weve done more
than ever before to combat climate change,
from the way we produce energy, to the way
we use it. [T]hats why I will not let this
Congress endanger the health of our children
by turning back the clock on our efforts.
Editor
Olga Gorstenko
Phone: 778-296-4183
Email: olga@ze.com
Summary
I choose to refrain from commenting on the

implementation success of all those
pledges and promises. So by the day of the
2015 address, I had built up more hopes
and aspirations that the time had come for a
breakthrough program. My hopes were so high
for this speech that I was compelled to turn
on the TV while on my vacation in Hawaii, on
my birthday.
Olga Gorstenko
Editorial
new alternative energy hubs, and the

promise of executive action if Congress failed
to develop a market-based solution to climate
change. The 2014 speech re-emphasized
what was said the year before: a dj vu
discussion of an all of the above energy
strategy that supported the development of
all domestic energy sources, including natural
gas and crude oil. The natural gas was called
the bridge fuel that can power our economy
and the United States was identified as a
global leader in solar power generation.
Summary
Power
Editorial
Power
Petroleum
IESO Merges with OPA
See the original announcement.
Softs and
Metals
The graph below shows the demand, supply, and price data for power in Ontario according to
IESO between June 2014 February 2015, before and after the merger. Upon inspection we
can see that the supply through 2014 steadily surpassed demand. The price, however,
peaked in the third week of July 2014 at around 750,000 CAD/MWh and was at its lowest
point in the first week of October at around 300, 000 CAD/MWh. This kind of analysis for
comparing regional power data is very simple to perform in ZEMA. To learn more, book a
complimentary ZEMA demonstration.
Coal
This new organization is responsible for the real-time operation of the Ontario
electricity system and market, long-term energy planning, procurement, and the promotion of
a conservation culture in the province. Amalgamation will achieve efficiencies going forward
by reducing overlap, reducing costs, and streamlining electricity sector planning.
Nat Gas
On January 2, 2015, the Independent Electricity System Operator (IESO)

announced its merger with the Ontario Power Authority (OPA). The two bodies are
now operating as one organization.
Finance
Weather and
Emissions
Graph created with ZEMA
Data
Vendors
Market
Analysis
In Depth
January 2015
Summary
Power
Editorial
Power
Petroleum
PEGAS Markets Operated by Powernext are Merged with EEX
Nat Gas
Effective January 1, 2015, The European Energy Exchange (EEX) and Powernext
have successfully migrated all active EEX gas market members representing
100 percent of the NCG and GASPOOL Open Interest to Powernext. As of now, all natural gas
activities of the EEX Group are operated by Powernext under the brand PEGAS. In total,
154 participants are now admitted to trading natural gas products on PEGAS. The formal
transfer of the majority shares in Powernext to EEX has been completed.
Coal
Softs and
Metals
The change in Powernexts shareholding structure has been formally validated by its General
Assembly. Therefore, EEX is now majority shareholder of Powernext holding 55.8 percent of
the shares.
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
In Depth
January 2015
Summary
Editorial
Petroleum
Power
Petroleum
Platts to Launch FOB Arab Gulf Gasoil Assessment
Nat Gas
Effective April 1, 2015, Platts will introduce a new FOB Arab Gulf assessment
for 10 ppm gasoil.
The new assessments will be published in Platts Asia Pacific Arab Gulf Marketscan, on
Platts Global Alert pages 2404 and 2420, and in the Platts price database.
Softs and
Metals
In addition, Platts will publish a cash differential for the 10 ppm gasoil grade representing the
price buyers are willing to pay over and above the benchmark FOB Arab Gulf Gasoil
assessment around loading dates.
Coal
In line with Platts existing FOB AG gasoil assessments, this new assessment will be based on
adding an assessed sulfur differential to Platts outright FOB Arab Gulf Gasoil assessment,
which is a freight netback from Platts outright FOB Singapore Gasoil assessment, both of
which represent 500 ppm sulfur gasoil.

Finance
ZEMA, ZEs data management solution, collects over 300 Platts records on petroleum and other liquids,
several of them from the Middle East region. To learn more about ZEMAs vast data library, visit
http://www.ze.com/the-zema-solutions/data-coverage/.
Weather and
Emissions
Platts to Launch Spot Metallocene Assessments
Data
Vendors
On March 6, 2015, Platts intends to assess FD NWE metallocene and

standard linear low density polyethylene C6 spot prices, which are spot cargo size
of minimum 100-300 mt lots for domestic business.
Specifications for standard LLDPE C6 are: 1-Hexene comonomer based on the Ziegler Natta
catalyst, with density between 917-922 kg/m3 for both cast and blown film, and a melt flow
index of around 0.85.
Market
Analysis
Specifications for metallocene C6 are: 1-Hexene comonomer based on the metallocene

Ziegler Natta catalyst with a density of 912-940 kg/m3 for bothcast and blown film, and a
melt flow index of between 0.5-4.5.
January 2015
In Depth
Content
Platts ICE Gasoil EFS at 16:30 Singapore
Platts ICE Gasoil ESS at 16:30 Singapore
Platts ICE Gasoil Futures & Time Spreads at 16:30 SG
Platts ICE Gasoil Frontline & Time Spreads at 16:30 SG
Platts Gasoil at 16:30 Singapore
Petroleum
Status
New page
New page
New page
New page
Updated page
Power
Page
PPA 2664
PPA 2668
PPA 2670
PPA 2672
PPA 2634
Editorial
On February 2, 2015, Platts extended its forward gasoil derivatives coverage

in Asia. As a result, Platts added and updated the following pages to Platts Forward
Curve Asia to host its assessments for EFS, ESS, and ICE Gasoil futures at the close of trade
in Asia:
Summary
Petroleum
Platts Adds Gasoil Derivatives Content to Platts Forward Curve Asia
Nat Gas
The new assessments were launched under the names Gasoil EFS, Gasoil ESS, and
Gasoil Frontlines spanning 12 calendar months and three quarters. This is a slight delay
from the previously announced launch date of January 2.
The assessed derivatives are differentials between FOB Singapore 500 ppm paper and ICE
gasoil futures (EFS) and the ICE gasoil frontline swap (ESS).
Coal

ZEMA excels at displaying time-series data in charts, graphs, forward curves, and more. ZEMA also collects petroleum
data from a wide range of sources. For further information, visit http://www.ze.com/the-zema-suite/.
Softs and
Metals
Finance
The ZEMA graph below shows the settlement for December 2014 gasoil future contracts
expiring in fourth quarter of 2015 (ICE data). As shown, the December 2014 settlement
follows a downward trend with a slight increase on December 23. With ZEMA, similar
graphs can be created for a longer date range and data series can be easily separated
by selecting the preferred contract month and year. To learn more, book a complimentary
ZEMA demonstration.
Weather and
Emissions
Data
Vendors
Market
Analysis
10
In Depth
January 2015
Nat Gas
Platts Introduces Daily European Orthoxylene Assessments
Petroleum
Power
Platts will publish assessments for three full calendar months ahead of the date of
publication. Platts will publish bids, offers, and interest to trade the East-West Fuel oil Spread
in the Platts Market on Close assessment process.
Editorial
Platts added these assessments to its existing fuel oil derivative suite in order to enhance its
coverage of the fuel oil market and better represent the key high sulfur fuel oil arbitrage route
between Europe and Asia.
Summary
Effective February 2, 2015, Platts launched assessments for the value of

East-West fuel oil swap spreads. These East-West fuel oil spreads represent the
difference between the comparable months 180 CST Singapore Fuel Oil and FOB Rotterdam
3.5% Fuel Oil Barge swaps, at 16:30 London time.
Petroleum
Platts Assesses European East-West Fuel Oil Spreads
On February 2, 2015, Platts began publishing FOB ARA orthoxylene assessments

on a daily basis to capture intra-week liquidity. Platts previously published weekly
assessment for orthoxylene (PHABK00) on Fridays.
Coal
This assessment can be found on Platts Petrochemical Alert on page PCA 332 and
in the Europe and Americas Petrochemicalscan.
Finance
Platts Adds Fuel Oil Derivatives Page to Platts Forward

Curve Europe
Content
PPE 1690
New page
Platts FO 180 CST SG vs FOB Rdam 3.5% FO at London MOC
Data
Vendors
Status
Weather and
Emissions
On February 2, 2015, Platts added a new page to host new East-West spread
assessments for fuel oil derivatives. Platts is launching this page as part of its preparations to
expand the content and coverage offered on Platts Forward Curve Europe, its real-time
information service for the European derivatives markets.
Page
Softs and
Metals
ZEMA collects many petroleum market records from Platts. ZEMA collects market data as soon as it is released, ensuring
that ZEMA users have up-to-date US and European market data. To learn more about ZEMAs advanced data collection
functionalities, visit http://www.ze.com/the-zema-solutions/data/.
Market
Analysis
11
In Depth
January 2015
Editorial
Power
Feedback has strongly suggested that fuel supplied with new sulfur standards in mind
is likely to conform more closely to standard RMG 380 specifications, with the low sulfur cap.
Therefore Platts assessments at both ports reflect bunker fuel that meets or is better than
RMG 380, with a maximum sulfur content of 0.1%. The assessments will be published
in dollars per metric ton.
Summary
Effective January 5, 2015, Platts launched new assessments for maximum

0.1% sulfur bunker fuel in Houston and New York.
Petroleum
Platts Launches US Sulfur Bunker Fuel Assessments
A new market for 0.1% sulfur bunkers is expected to emerge as the industry adapts to
International Maritime Organization rules, coming into effect on January 1, 2015, which limit
the sulfur content for marine fuel used by ships within 200 miles of shore in the
North American Emissions Control Area to 0.1%, down from a current maximum of 1%.
Petroleum
For the 0.1% bunker fuel assessment in Houston, Platts will use the existing assessments for
Straight Run LS Dlvd USGC vs. WTI Mo01 (AALFS00), front month NYMEX WTI at 3:15 p.m.
Eastern Time (NYCRM01) and ULS Heating Oil USGC Prompt Pipeline (AAXFD00).
Nat Gas
For the 0.1% bunker fuel assessment in New York Harbor, Platts will use the existing
assessments for Straight Run LS Dlvd USAC vs. WTI Mo01 (AALFU00), front month NYMEX WTI
at 3:15 p.m. Eastern Time (NYCRM01) and ULS Heating Oil barge FOB NYH (AAXPX00).
Coal
The new assessments will reflect fuel loading three to seven days forward from the date of
assessment. The minimum stem size will be 200 mt and the maximum 1,000 mt.
Softs and
Metals
This product is intended for use in ships and should follow normal market conventions around
what is and is not acceptable in its makeup.
Weather and
Emissions
Platts Introduces New Cut-off Time for Fuel Oil Market
Finance
ZEMA collects several Platts data reports specifically on petroleum bunker assessments. To book a complimentary ZEMA
demonstration, visit http://www.ze.com/book-a-demo/.
Data
Vendors
Effective January 5, 2015, Platts confirmed the new cut-off time for providing
bids and offers for publication in the US Atlantic Coast physical residual fuel oil
Market On Close assessment process as 1:45 p.m. Central time, 15 minutes later than the
previous cut-off time of 1:30 p.m. Central time.
The change follows a reduction in April 2014 in the volume size assessed by Platts in the
USAC market to 50,000 barrels from the previous 120,000 barrels.
Market
Analysis
12
In Depth
January 2015
Summary
Editorial
Petroleum
Power
Petroleum
Nat Gas
Platts Introduces New US Shale Crude Commentary

On December 28, 2014, Platts added a new page to Platts Global Alert
and commentary section to Crude Oil Marketwire, and North American Crude and Products
Scan to host its coverage of daily market activity in US shale crudes.
Softs and
Metals
Coal
The new page, PGA 295, will appear in the daily newsletters from the same day. Platts will
provide daily analysis of Bakken, Eagle Ford, and other shale markets on this page. Coverage
of events in conventional crude in the USGC market will continue to be published on 290.
ZEMA collects over 100 Platts reports on crude, more than 40 of which are from North America. To learn more about
ZEMA, book a free demonstration today at http://www.ze.com/book-a-demo/.
Finance
Argus Introduces Argus Americas Asphalt and Argus

Bitumen Publications
Weather and
Emissions
On January 23, 2015, Argus launched the Argus Americas Asphalt publication and
data file. This data can be found in the damasph.csv data file in the /DAmAsphalt folder of
ftp.argusmedia.com and also via the Argus API.
The codes are to be published weekly and include mainly asphalt, freight, crude, and fuel oil.
The regions covered in these publications are the US Gulf Coast, the US West Coast, the
Rocky Mountains, the US Midwest, the US Midcontinent, Canada, and Latin America.
Data
Vendors
As well, also on January 23, Argus introduced the Argus Bitumen publication and data file.
This data now appears in the dbitumen.csv data file in the /DBitumen folder of
ftp.argusmedia.com server and also be available via the Argus API.
Market
Analysis
Many of the codes from both of these publications have been carried over from the Argus
Asphalt Report module.
13
In Depth
January 2015
Time Price
stamp type
PA0015492 26
Daily
1, 2, 8 0
Fuel oil bunker HS

>Products->
180cst dob
RUB/t Fuel oil>RussiaArkhangelsk RUB/t
Caspian
Daily
1, 2, 8 0
Gasoil bunker MGO

>Products->
0.1% dob
Caspian
Daily
1, 2, 8 0
Fuel oil bunker HS

380cst dob
Arkhangelsk $/t
>Products->
USD/t Fuel oil>RussiaCaspian
Daily
1, 2, 8 0
Fuel oil bunker HS

180cst dob
Arkhangelsk $/t
>Products->
USD/t Fuel oil>RussiaCaspian
Daily
1, 2, 8 0
Gasoil bunker MGO

>Products->
0.1% dob
USD/t Fuel oil>RussiaArkhangelsk $/t
Caspian
Daily
Softs and
Metals
PA0015493 26
1, 2, 8 0
Fuel oil bunker HS

>Products->
380cst dob
Caspian
Coal
PA0015491 26
Frequency
Nat Gas
PA0015490 26
Category
Petroleum
PA0015489 26
Unit
Power
PA0015488 26
Continuous
Description
forward
ZEMA collects data from Arguss FMB Weekly Sulphur record. To gain a wider perspective of the fossil fuels market and to
learn how ZEMA can enhance your business processes, visit http://www.ze.com/the-zema-solutions/.
Finance
Weather and
Emissions
NYMEX Lists Freight Route Liquid Petroleum Gas

Futures Contract
Contract
Code
Rule Chapter
Freight Route Liquid Petroleum Gas (Baltic) Futures Contract
FLP
679
Data
Vendors
Effective January 25, 2015, the New York Mercantile Exchange (NYMEX) listed
the following dry bulk freight futures contract.
In Depth
14
Market
Analysis
The Freight Route Liquid Petroleum Gas (Baltic) Futures contract has been listed for trading on
CME Globex, the NYMEX trading floor, and for submission for clearing through CME ClearPort.
January 2015
Editorial
PA-code
Summary
Effective January 12, 2015, Argus introduced new assessments for high sulfur
bunker DOB Arkhangelsk in rubles per ton and dollars per ton. The following series will appear
in DARM data module in /DARM folder of ftp.argusmedia.com:
Petroleum
Argus Introduces New Russian Sulfur Bunker Assessments
Contract Unit
1,000 metric ton
Price Quotation
US Dollars and cents per metric ton
Minimum Price Tick
$0.001
Minimum Price Tick for

Final Settlement Price
$0.001
Final Listed Month
February 2015
Listing Period
CME Globex: 1 month

NYMEX Trading Floor and CME ClearPort: every month for
current year plus next two calendar years
For contract months January to November inclusive: the last
business day of the calendar month.
For December contract months: the 24th calendar day of the
month, or if this is not a business day, the first preceding
business day.
Trading Hours: CME Globex and CME

ClearPort
Sunday Friday 6:00 p.m. 5:15 p.m. ET (5:00 p.m.

4:15 p.m. CT) with a 45-minute break each day beginning at
5:15 p.m. ET (4:15 p.m. CT)
Finance
Monday Friday 9:00 a.m. to 2:30 p.m. Eastern Time/ET

(8:00 a.m. to 1:30 p.m. Central Time/CT)
Softs and
Metals
Trading Hours: Open Outcry
Coal
Termination of trading
Nat Gas
FLP
Petroleum
Commodity Code
Power
Freight Route Liquid Petroleum Gas (Baltic)

Futures Contract
Weather and
Emissions
ICE Futures Europe Completes Transition to Low Sulfur

Gasoil Contract
Market
Analysis
The re-specified ICE low sulfur gasoil futures contract retains the contract code G and runs
from the February 2015 contract month onward to the December 2021 contract.
Data
Vendors
On January 12, 2015, Intercontinental Exchange (ICE) announced that

ICE Futures Europe has successfully completed its transition of the ICE gasoil futures contract
with a low sulfur specification beyond January 2015 contract months.
The revised specification reflects a parallel move in underlying physical European

gasoil markets toward low sulfur grades in recent years. The previous contract specification
15
In Depth
January 2015
Editorial
Contract
Summary
The contract specifications are as follows:
Petroleum
Block trades are permitted for this contract, with a minimum transaction size of two contracts,
consistent with similar liquid petroleum gas futures contracts.
Editorial
Open interest in the ICE Low Sulfur Gasoil futures contract (ULS) beyond February 2015
was transitioned to the G equivalently-specified contract, and that contract code has also
ceased trading with the January 2015 expiry.
Summary
Natural Gas
Petroleum
was based on a maximum sulfur content of 0.1% (1,000ppm) and has ceased trading, with
the expiry of the January 2015 contract month.

Power
ZEMA collects over 130 ICE records, nearly 30 of which are about the fossil fuels market. To learn more about how
ZEMA can collect, aggregate, and analyze data, book a complimentary ZEMA demonstration now at
http://www.ze.com/book-a-demo/.
Petroleum
MCX Begins Futures Trading in Crude Mini
Nat Gas
On January 6, 2015, Multi Commodity Exchange of India Ltd (MCX)

commenced futures trading in crude oil mini. The commodity markets regulator,
Forward Markets Commission (FMC), has given the MCX approval to offer trading in
crude oil mini January 2015, February 2015, March 2015, April 2015, May 2015, and
June 2015 contracts.
Coal
The contract specification of crude oil mini is similar to the existing crude oil contract on MCX.
The lot size of crude oil mini is 10 barrels. MCX crude oil futures are traded in Indian Rupee,
mitigating the currency risk of the trade circuit.
Softs and
Metals
Platts to Discontinue Falmouth Ex-Wharf Bunker Assessments
Finance
Effective July 1, 2015, Platts will discontinue its Falmouth ex-wharf bunker
fuel assessments of high and low sulfur 380 and 180 CST and marine gasoil
(3.5% sulfur IFO 380 CST, 3.5% sulfur IFO 180 CST, 1% sulfur IFO 380 CST, 1%sulfur
IFO 180 CST, MGO DMA 0.1%).
Weather and
Emissions
The discontinuation reflects changing market conditions within the Northwest European
bunker market where Platts has observed diminished market liquidity at Falmouth.
These assessments were published on Platts Marine Alert, Platts Bunkerwire and the Platts
price assessment database under the codes of PUAFC00, PUACW00, AASUK00, AASUL00,
and POACU00 respectively.
Data
Vendors
Platts to Discontinue Current Palm Oil/Gasoil Spread Assessment
Market
Analysis
Effective May 15, 2015, Platts intends to discontinue its current assessment
for the palm oil/gasoil spread (PO-GO), as Platts is also proposing to launch a new PO-GO
spread that is more representative of current market activity.
The current POGO spread, under the code BMAAA00, reflects the value of first -month gasoil
futures traded on the Intercontinental Exchange, or ICE, against first-month crude palm
16
In Depth
January 2015
Editorial
The current POGO assessment is published in the Platts database under the code BMAAA00
and in the PBF publication Biofuelscan.
Summary
Platts is proposing to assess a new POGO spread that reflects the value of the first forward
month contract for BMD palm oil futures against front-month ICE gasoil futures.
Petroleum
oil futures listed on Bursa Malaysia, or BMD, traded at 4:30 p.m. Singapore time (0830 GMT).

Power
Platts Stops Publishing US Gulf Coast Premium

CBOB Gasoline Assessments
Petroleum
Effective January 2, 2015, Platts discontinued assessments for US Gulf Coast Premium
CBOB (D-Grade) gasoline. Platts initially proposed suspending this assessment in a
note published September 19, 2013.
Coal
The seasonal supplemental assessment for Premium CBOB appeared on PGA page 332
under the symbol AASOC00.
Nat Gas
Colonial Pipeline no longer ships this grade with regularity and, as a result, Platts has
observed substantially diminished market liquidity. These assessments were published on
Platts Global Alert page 330, and in the Platts assessment database under code AARQV00 for
pipeline Premium CBOB, and AAWET00 for waterborne Premium CBOB.
Softs and
Metals
Platts Discontinues Russia Light Ends Export Duty

As of January 2, 2015, Platts stopped publishing its Russian light ends export
duty. This follows a proposal published on June 17 to discontinue the value.
Finance
This export duty represents an average, calculated by Platts, of Russias individual

naphtha and gasoline export duties. The duties for both products will continue to be published
on their own.
Weather and
Emissions
Platts Stops Publishing ARPEL Consumer Price Postings
The ARPEL postings had been published in full each day on Platts Global Alert page 474, with
a smaller selection published daily in Platts Latin American Wire. All of the postings were also
in the Platts price database under data codes beginning ARP.
Market
Analysis
17
In Depth
January 2015
Data
Vendors
On January 2, 2015, Platts stopped publishing consumer price postings in

Latin America as gathered by the Asociacion Regional de Empresas del Sector
Petroleo (ARPEL).
PA-code
Time Price Continuous

Description
stamp type forward
->Asphalt->
USD/st Americas->
US Gulf coast
Weekly
1, 2 0
Asphalt
(bitumen) rack
North Dakota
->Asphalt->
USD/st Americas->
US Midwest
Weekly
1, 2 0
Asphalt
(bitumen) fob
western
US Gulf
->Asphalt->
USD/st Americas->
US Gulf coast
Weekly
1, 2 0
VGO 0.5% NWE

USD/t
barge week range
->Products->
VGO->Northwest
Europe
Weekly
Coal
PA0015089 6
1, 2 0
Asphalt
(bitumen) fob
USGC east
Nat Gas
PA0000725 0
Frequency
Petroleum
PA0000648 0
Category
Power
PA0000614 0
Unit
Editorial
On January 16, 2015, Argus made changes to data in the dia.csv files in the
\DASPH folder of ftp.argusmedia.com. The following assessments in Argus Asphalt Report
have been stopped:
Summary
Petroleum
Argus Discontinues US and European Asphalt Assessments

Softs and
Metals
Argus Discontinues Marine Fuels Assessments
PA-code
Continuous
Description
forward
PA0008294 26
1, 2, 8 0
PA0011516 2
1, 2, 8 0
PA0011519 2
1, 2, 8 0
USD/t
USD/t
USD/t
Daily
Daily
Daily
Daily
18
In Depth
January 2015
USD/t
>Products->
Fuel oil->
Russia-Caspian
>Products->
Fuel oil->
Russia-Caspian
>Products->
Fuel oil->
Latin America
>Products->
Fuel oil->
Latin America
Frequency
Market
Analysis
1, 2, 8 0
Category
Data
Vendors
PA0004738 26
Fuel oil bunker LS

380cst dob St.
Pete $/t
Fuel oil bunker LS
380cst dob
Murmansk $/t
Fuel oil bunker LS
380 cst Quintero
Valparaiso
Fuel oil bunker LS
380 cst
San Antonio
Unit
Weather and
Emissions
Time Price
stamp type
Finance
Effective January 12, 2015, Argus stopped publishing the following marine
fuels assessments found in the damrinef files in the /DAMARINEF folder of
ftp.argusmedia.com:
Continuous
Description
forward
PA0011568 2
1, 2, 8 0
PA0011569 2
1, 2, 8 0
PA0011574 2
1, 2, 8 0
PA0011575 2
1, 2, 8 0
PA0011576 2
1, 2, 8 0
PA0011578 2
1, 2, 8 0
PA0011579 2
1, 2, 8 0
Daily
Daily
Daily
Daily
Daily
Weather and
Emissions
1, 2, 8 0
Daily
Finance
PA0011573 2
Daily
Softs and
Metals
1, 2, 8 0
Daily
Coal
PA0011571 2
Fuel oil bunker LS

>Products->
380 cst
USD/t Fuel oil->
New Orleans
US Gulf coast
>Products->
Fuel oil bunker LS
USD/t Fuel oil->
380 cst New York
US east coast
Fuel oil bunker LS
>Products->
380 cst Panama USD/t Fuel oil->
Canal
Latin America
Fuel oil bunker LS
>Products->
380 cst
USD/t Fuel oil->
Philadelphia
US east coast
>Products->
Fuel oil bunker LS
USD/t Fuel oil->
380 cst Portland
US west coast
Fuel oil bunker LS
>Products->
380 cst
USD/t Fuel oil->
San Francisco
US west coast
>Products->
Fuel oil bunker LS
USD/t Fuel oil->
380 cst Seattle
US west coast
Fuel oil bunker LS
>Products->
380 cst
USD/t
Fuel oil->Canada
Vancouver
Daily
Nat Gas
1, 2, 8 0
Fuel oil bunker LS

>Products->
USD/t
380 cst Montreal
Fuel oil->Canada
Daily
Petroleum
PA0011570 2
->Products->
Fuel oil bunker LS
USD/t Fuel oil->
380 cst Houston
US Gulf coast
Fuel oil bunker LS
>Products->
380 cst
USD/t Fuel oil->
Los Angeles
US west coast
Frequency
Power
1, 2, 8 0
Category
Editorial
PA0011567 2
Unit
Summary
Time Price
stamp type
Petroleum
PA-code
Daily
Data
Vendors
Market
Analysis
19
In Depth
January 2015
PA Code

Description
Stamp Type Forward
1, 2 0
Fuel oil bunker low

sulphur 180 cst
Antwerp
>Products>
Fuel oil>
Northwest Europe
Daily
1, 2 0
Fuel oil bunker low

sulphur 180 cst
Rotterdam
>Products>
Fuel oil>
Northwest Europe
Daily
Petroleum
PA0004109 6
Frequency
Power
PA0004108 6
Category
Nat Gas
Argus Stops Publishing Russian Fuel Oil Bunker Assessments

Effective December 30, 2014, Argus discontinued codes for low sulfur fuel oil
bunker assessments and also all Ust-Luga (anchorage) assessments. The following
series has been stopped in DARM data module in /DARM folder of ftp.argusmedia.com:
Time Price
stamp type
Continuous
Description
forward
1,2
PA0004739 26
1, 2
PA0008291 26
1, 2, 8 0
PA0008292 26
1, 2, 8 0
PA0008294 26
1, 2
USD/t
RUB/t
RUB/t
USD/t
Daily
Daily
Daily
Daily
Daily
20
In Depth
January 2015
USD/t
Daily
Market
Analysis
PA0004738 26
RUB/t
Daily
Data
Vendors
1, 2, 8 0
>Products>
Fuel oil>
RussiaCaspian
>Products>
Fuel oil>
RussiaCaspian
>Products>
Fuel oil>
RussiaCaspian
>Products>
Fuel oil>
RussiaCaspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
Frequency
Weather and
Emissions
PA0004732 26
RUB/t
Category
Finance
1, 2, 8 0
Unit
Softs and
Metals
PA0004731 26
Fuel oil bunker LS

380cst dob
St. Pete RUB/t
Fuel oil bunker LS
180cst dob
St. Pete RUB/t
Fuel oil bunker LS
380cst dob
St. Pete $/t
Fuel oil bunker LS
180cst dob
St. Pete $/t
Fuel oil bunker LS
380cst dob Murmansk RUB/t
Fuel oil bunker LS
180cst dob Murmansk RUB/t
Fuel oil bunker LS
380cst dob Murmansk $/t
Coal
PA-code
Editorial
Effective January 2, 2015, Argus stopped publishing the series below. These
series are in the DLP files in the DEURO folder of ftp.argusmedia.com.
Summary
Petroleum
Argus Discontinues European Fuel Oil Bunker Assessments
Continuous
Description
forward
0
1, 2, 8 0
PA0013985 26
1, 2, 8 0
PA0013990 26
1, 2, 8 0
PA0013991 26
1, 2, 8 0
PA0013992 26
1, 2, 8 0
PA0013988 26
1, 2, 8 0
PA0013989 26
1, 2, 8 0
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
USD/t
Daily
Daily
Daily
Daily
Daily
Daily
Daily
Finance
PA0013984 26
USD/t
Softs and
Metals
1, 2, 8 0
Daily
Coal
PA0013983 26
USD/t
Nat Gas
1, 2, 8 0
Daily
Petroleum
PA0013982 26
USD/t
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
>Products>Fuel
oil>Russia
Caspian
Frequency
Power
1, 2
Category
Editorial
PA0008295 26
Fuel oil bunker LS

180cst dob Murmansk $/t
Fuel oil bunker HS
380cst dob Ust-Luga
(anchorage)
Fuel oil bunker HS
180cst dob Ust-Luga
(anchorage)
Fuel oil bunker LS
380cst dob Ust-Luga
(anchorage)
Fuel oil bunker LS
180cst dob Ust-Luga
(anchorage)
Fuel oil bunker LS
380cst dob
Novorossiysk
Fuel oil bunker LS
180cst dob
Novorossiysk
Gasoil bunker MGO
dob Ust-Luga
(anchorage)
Fuel oil bunker LS
380cst dob Ust-Luga
(berth)
Fuel oil bunker LS
180cst dob Ust-Luga
(berth)
Unit
Summary
Time Price
stamp type
Petroleum
PA-code
Daily
Weather and
Emissions
Data
Vendors
Market
Analysis
21
In Depth
January 2015
PA-code

Description
stamp type forward
1, 2 0
Gasoline A80 daf

Ghalaba/Khairatan
Afghanistan no tax
->Products->
Gasoline->
Central Asia
Weekly
1, 2 0
Gasoil diesel summer

0.2pc daf Ghalaba/
Khairatan Afghanistan
no tax
->Products->
Gasoil/Diesel/
Heating oil->
Central Asia
Weekly
Petroleum
PA0011665 0
Frequency
Power
PA0011664 0
Category
Nat Gas
The code will be stopped in the DARK file of the /DARK folder and DARKEN file of the
/DARKEN folder on ftp.argusmedia.com.
Coal
NYMEX Delists Gasoil Related Futures and Options Contracts
Commodity Codes Rulebook Chapter

CPC/NX Pit HA
Globex: HAB
725
Low Sulphur Gasoil (100mt) Calendar Month Futures
LSM
309
Low Sulphur Gasoil (100mt) Penultimate Day Futures
LSP
362
Singapore Gasoil (Platts) vs. Low Sulphur Gasoil Futures
LSS
295
ULSD 10ppm Cargoes CIF Med (Platts) vs.

Low Sulphur Gasoil Futures
LSL
372
Low Sulphur Gasoil Crack Spread Financial Future
LSC
363
Market
Analysis
252
Data
Vendors
LSO
Weather and
Emissions
Low Sulphur Gasoil Average Price Options
22
In Depth
January 2015
Finance
NY Harbor ULSD vs. Gasoil Futures
Softs and
Metals
As of January 5, 2015, the NYMEX has delisted a series of Gasoil and Low Sulfur Gasoil
related futures and options contracts as shown in the table below:
Contract title
Editorial
Effective December 8, 2014, Argus stopped publishing daf Afghanistan

assessments due to a lack of liquidity. The following assessments were removed from
Argus Caspian Market:
Summary
Petroleum
Argus Discontinues Select Afghanistan Petroleum Assessments
LSU
361
European Diesel 10ppm Barges FOB Rdam (Platts) vs.

LSE
858
Power
Editorial
ULSD 10ppm Cargoes CIF NWE (Platts) vs.

Summary
Commodity Codes Rulebook Chapter
Petroleum
Contract title
Petroleum
Platts to Amend FOB Singapore Assessments for Fuel Oil,

Middle Distillates, and Gasoline
Effective July 1, 2015, Platts will amend the loadpoints reflected in its FOB
Singapore assessments for fuel oil, middle distillates, and gasoline.
Finance
This proposed change in methodology reflects the fact that the Singapore refined oil products
markets have grown significantly in the last several years. The associated spot markets now
regularly include trades for commodities loading close to, but beyond the geographic borders
of, Singapore.
Softs and
Metals
Under this revised approach, Platts will no longer publish FOB Singapore or FOB Malaysia
bids, offers, or transactions in its Market on Close assessment process. Platts will only publish
bids and offers and transactions as FOB Straits.
Coal
For FOB Straits transactions, sellers should nominate an approved loadpoint ten days prior to
loading for all products. Such approved loadpoints may include approved terminals in
Singapore or southern Malaysia.
Nat Gas
From July onward, Platts FOB Singapore assessments will reflect FOB Straits bids, offers and
transactions. Platts has no plans to amend the nomenclature of its published FOB Singapore
assessments and plans to continue to reference these assessments in all publications under
the name of FOB Singapore.

Weather and
Emissions
Platts Changes Name of its Canadian Syncrude

Sweet Assessment
Data
Vendors
On January 15, 2015, Platts changed the name of its Canadian Syncrude Sweet crude
assessment to Syncrude Sweet Premium. The change, which was proposed on
October 29, reflects changes on Enbridges grouping system for crudes shipped through its
pipeline network.
23
In Depth
January 2015
Market
Analysis
The methodology used to assess the value of this crude, including its specifications, did not
change as a result of this name change.
Argus Makes Changes to US Petroleum Product Codes
Power
Effective January 16, 2015, Argus made changes to the Argus US Products
publication. These changes apply to data in the dhp and dhps .csv files in the
DUSPR folder on ftp.argusmedia.com.
New Description
PA0015303
Heating oil 500ppm Colonial

75 pipe fob cycle
Heating oil 500ppm NYH offline Colonial

75 pipe del cycle
Nat Gas
Old Description
Petroleum
The following code description will be updated:

PA-code
And the category path will be changing for the following codes:
Old Category
New Category
PA0014710
->Products->Gasoil/Diesel/
Heating oil->US Colonial pipeline
->Products->Gasoil/Diesel/Heating oil->
US east coast
->Products->Jet->US east coast
->Products->Gasoil/Diesel/
Heating oil->US Colonial pipeline
US east coast
PA0015177
->Products->Gasoline->
US Colonial pipeline
US Colonial pipeline
Finance
PA0014712
Softs and
Metals
PA0014711 ->Products->Jet->US Colonial pipeline
Coal
PA-code
Editorial
Summary
Petroleum
This assessment appears on Platts Global Alert page 230, in the Crude Oil Marketwire,
the North American Crude and Products Scan, and in the Platts price database under the
code AASOK00.

Weather and
Emissions
Data
Vendors
Market
Analysis
24
In Depth
January 2015
Price Continuous
Description
type forward
PA0008541 1
PA0008541 2
PA0008542 1
PA0008542 2
Fuel oil bunker

30cst fob Baku
Marine gasoil
bunker 0.2pc fob
Baku
Marine gasoil
bunker 0.2pc fob
Baku
Marine gasoil
bunker 0.2pc fob
Aktau
Marine gasoil
bunker 0.2pc fob
Aktau
>Products>Fuel
oil>Russia-Caspian
Fortnightly
USD/t
USD/t
USD/t
USD/t
USD/t
>Products>Fuel
oil->Russia-Caspian
>Products>Gasoil/
Diesel/Heating
oil>Central Asia
>Products>Gasoil/
Diesel/Heating
oil>Central Asia
>Product>Gasoil/
Diesel/Heating
oil>Central Asia
>Products>Gasoil/
Diesel/Heating
oil>Central Asia
Fortnightly
Fortnightly
Fortnightly
Fortnightly
Coal
USD/t
Nat Gas
PA0008540 2
Fuel oil bunker

30cst fob Baku
New Frequency
Petroleum
Category
Power
PA0008540 1
Unit
Fortnightly
Softs and
Metals
Argus Changes Code Description for US Gulf Petroleum Freight
PA0002720 Freight dirty Covenas - US Gulf 135kt
Corrected description
Weather and
Emissions
Old description
Finance
Effective January 9, 2015, Argus corrected the code description for the
following assessment in Argus Petroleum Transportation North America. This series
is found in the dptr data file in the \DPTR folder of ftp.argusmedia.com.
PA-code
Editorial
PA-code
Summary
As of January 12, 2015, Argus changed the publishing frequency for the bunker assessments
below from weekly to fortnightly. These changes are reflected in Argus Caspian Market.
Petroleum
Argus Modifies Publishing Frequency of Fuel Oil and Gasoil

Bunker Assessments
Freight dirty Covenas - US Gulf 70kt
Data
Vendors
Market
Analysis
25
In Depth
January 2015
PA-code
Old description
New description
PA0002071 Dirty Ecuador - Chile
Dirty Ecuador - Chile 50kt
PA0002079 Dirty Venezuela - USGC
Dirty Venezuela - USGC Venezuela 70kt
Petroleum
Dirty Ecuador - Peru 50kt
Power
PA0002070 Dirty Ecuador - Peru
Nat Gas
CME Modifies Gasoil Futures and Options Product Names

Effective January 4, 2015, the Chicago Mercantile Exchange (CME) modified
the following gasoil futures and options product names:
New Product Name
FIX/FAST and iLink: tag

1151-Security Group MDP 55-Symbol MDP 3.0 tag
3.0: tag 6937-Asset
1151 - Security Group
Softs and
Metals
RF
Finance
CP
RF
Mini ULSD 10ppm

Mini ULSD 10ppm
Cargoes CIF NWE
MGN
Cargoes CIF NWE (Platts)
(Platts) vs. Low
vs. Gasoil Futures
Sulphur Gasoil Futures
CP
January 2015
26
In Depth
Mini European Jet Kero

Barges FOB Rdam
MJB
(Platts) vs. Low

Barges FOB Rdam
(Platts) vs. Gasoil
Futures
Market
Analysis
RF
Data
Vendors
Mini European Jet

Kero Cargoes CIF NWE
MJC
Cargoes CIF NWE (Platts)
(Platts) vs. Low
vs. Gasoil Futures
Weather and
Emissions
Low Sulphur Gasoil

Crack Spread
GOC
(1000mt)
Financial Futures
Mini ULSD 10ppm
Mini ULSD 10ppm CarCargoes CIF MED
goes CIF MED (Platts) vs.
UCM
(Platts) vs. Low
Gasoil Futures
Gasoil Crack Spread
(1000mt) Financial
Futures
Coal
Current Product Name
Editorial
Effective January 9, 2015, Argus updated code descriptions for the following
assessment in Argus Latin Markets. These series are found in the dlm data file in the
\DALM folder of ftp.argusmedia.com.
Summary
Petroleum
Argus Updates Code Descriptions for Latin American

Petroleum Freight
CP
Gasoil 0.1 Barges FOB

Gasoil 0.1 Barges FOB
Rdam (Platts) vs. Low
Rdam (Platts) vs. Gasoil
6V
Sulphur Gasoil BALMO
BALMO Futures
Futures
CP
Gasoil 0.1 Cargoes CIF

NWE (Platts) vs. Gasoil
BALMO
Futures

NWE (Platts) vs. Low
4V
Futures
CP
ULSD 10ppm Cargoes

CIF NWE (Platts) vs.
Gasoil BALMO Futures
ULSD 10ppm Cargoes

3V
Low Sulphur Gasoil
BALMO Futures
CP
Diesel 10ppm Barges

FOB Rdam (Platts) vs.
Diesel 10ppm Barges

7X
Low Sulphur Gasoil
BALMO Futures
CP
Jet Fuel Cargoes CIF

BALMO Futures
Jet Fuel Cargoes CIF

NWE (Platts) vs. Low
A6X
Futures
CP
27
In Depth
January 2015
Market
Analysis
ULSD 10ppm CIF MED

(Platts) vs. Low
7V
Futures
Data
Vendors
ULSD 10ppm CIF MED

(Platts) vs. Gasoil
BALMO Futures
Weather and
Emissions
CP
Finance

MED (Platts) vs. Low
8W
Futures
Softs and
Metals

MED (Platts) vs. Gasoil
BALMO Futures
Coal
RF
Nat Gas
Jet Aviation Fuel

Cargoes FOB MED
A1V
(Platts) vs. Low
Petroleum
Jet Aviation Fuel Cargoes FOB MED (Platts)

vs. Gasoil Futures
Power
CP
Editorial
Mini Gasoil 0.1

Mini Gasoil 0.1 Cargoes
Cargoes CIF NWE
MGF
(Platts) vs. Low
Gasoil Futures
Summary
New Product Name
Petroleum

3.0: tag 6937-Asset
Low Sulphur Gasoil

BALMO Futures
Gasoil Mini Financial

Futures
Low Sulphur Gasoil

AQA
Mini Financial Futures
RF
Gasoil 0.1 Barges FOB Gasoil 0.1 Barges FOB

Rdam (Platts) vs. Gasoil Rdam (Platts) vs. Low AWQ
Futures
RF

Futures

NWE (Platts) vs. Low ATU
RF
ULSD 10ppm Cargoes

Gasoil Futures
ULSD 10ppm Cargoes

ATP
Low Sulphur GasoRFil
Futures
RF

MED (Platts) vs. Gasoil
Futures

MED (Platts) vs. Low AZ5
RF
ULSD 10ppm CIF MED

(Platts) vs. Gasoil
Futures
ULSD 10ppm CIF MED

(Platts) vs. Low
AZ7
RF
Data
Vendors
Market
Analysis
PC
Weather and
Emissions
GXB
Finance
PC
Softs and
Metals
GXA
Coal
28
In Depth
January 2015
Nat Gas
European Gasoil
Calendar Spread
Options
European Low
Sulphur Gasoil
Calendar Spread
Option
European Low
Sulphur Gasoil
Calendar Spread
Option
CP
Petroleum
European Gasoil
Calendar Spread
Options
U9
Power
CP
Editorial
Jet Fuel Barges FOB

Jet Fuel Barges FOB
9Q
BALMO Futures
Futures
Summary
New Product Name
Petroleum

3.0: tag 6937-Asset
PC
GXZ
PC
RF
European Gasoil Brent

Crack Spread Futures
European Low Sulphur

Gasoil Brent Crack
GZ
Spread Futures
PT
European Gasoil Brent

Crack Spread Average
Price Option

Gasoil Brent Average A3U
Price Option
EF
European Gasoil
(100mt) Bullet Futures

Gasoil (100mt) Bullet GLI
Futures
CM
European Diesel
10 ppm Barges FOB
Futures
European Diesel
10 ppm Barges FOB
AET
EE
Jet Cargoes CIF NWE

(Platts) vs. Gasoil
Futures
Jet Cargoes CIF NWE

(Platts) vs. Low
HJC
RF
Jet Barges FOB Rdam

(Platts) vs. Gasoil
Futures
Jet Barges FOB Rdam

(Platts) vs. Low
AJR
RF
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
29
In Depth
January 2015
Coal

European Gasoil
Gasoil (1000mt)
BG
(1000mt) Bullet Futures
Bullet Futures
Nat Gas
GXM
Petroleum
PC
Power
European Gasoil
Calendar Spread
Options
GXC
Editorial
European Gasoil
Calendar Spread
Options
European Low
Sulphur Gasoil
Calendar Spread
Option
European Low
Sulphur Gasoil
Calendar Spread
Option
European Low
Sulphur Gasoil
Calendar Spread
Option
Summary
European Gasoil
Calendar Spread
Options
New Product Name
Petroleum

3.0: tag 6937-Asset
RF
Mini European Diesel

10 ppm Barges FOB
Futures
CP
Nat Gas
Mini Gasoil 0.1 Barges

Gasoil Futures
Mini European Diesel

10 ppm Barges FOB
MUD
Mini Gasoil 0.1 Barges
MGB
Low Sulphur Gasoil
Futures
Petroleum

European Gasoil FinanGasoil Financial
AGX
cial Futures
Futures
CP
Coal
PC
Gasoil Average Price

Options
Low Sulphur Gasoil

Average Price Option
EF
FAME 0 Biodiesel FOB

Rdam (Argus) (RED
Compliant) vs. Gasoil
Futures
RME Biodiesel FOB
Rdam (Argus) (RED
Compliant) vs. Gasoil
Futures
FAME 0 Biodiesel FOB

Rdam (Argus) (RED
FBT
Compliant) vs. Low
RME Biodiesel FOB
Rdam (Argus) (RED
BFR
Compliant) vs. Low
Finance
European-Style Low
F8
Sulphur Gasoil Option
Softs and
Metals
European-Style Gasoil
Options
AF7
Power
RF
Editorial
Singapore Gasoil
Singapore Gasoil (Platts)
(Platts) vs. Low
AGA
vs. Gasoil Futures
Summary
New Product Name
Petroleum

3.0: tag 6937-Asset
CP
Weather and
Emissions
RF
Data
Vendors
Market
Analysis
30
In Depth
January 2015
Summary
Editorial
Natural Gas
Power
Petroleum
Nat Gas
Platts Launches LNG Atlantic FOB Marker

Coal
On January 2, 2015, Platts launched an additional marker to reflect the

FOB value of LNG cargoes originating from the East Atlantic.
Softs and
Metals
Platts has noted that, with growing demand from markets in South America and increased
European re-export activity to optimize cargoes arriving in both Southwest and Northwest
Europe, the region has become a balancing point for cargoes destined for both the Atlantic
and Pacific basins.
Finance
The new assessment is called the East Atlantic Market (EAM) published under the
code/symbol LEAMM01.
Weather and
Emissions
The EAM reflects a transactable value of spot LNG cargoes, freight normalized to a
Huelva/Gibraltar loading with a laycan corresponding to the current and front month in
half-month increments drawing on volumes originating from the following primary and
re-export locations in both Northwest and Southwest Europe, including the Mediterranean
and FOB cargoes sold on a ship-to-ship transfer basis.
Production regions are also included, such as Nigeria, Angola, Algeria, and Norway.
Market
Analysis

ZEMA presently collects more than 700 reports on the natural gas market and is always adding more. To learn more
about how ZEMAs extensive data library, powerful analytics, and versatile forward curves can enhance your business
processes, book a demo by visiting http://www.ze.com/book-a-demo/.
31
In Depth
January 2015
Data
Vendors
LNG DES spot transactions, traded in other regions including Middle East and Asia, along with
Atlantic delivery to Brazil and Argentina, may be considered in the assessment process when
and where appropriate.
Coal
The new monthly location can be found in the Northeast section of the Market Center Spot
Gas Prices table in Inside FERCs Gas Market Report, and Platts Natural Gas Alert
pages 433 and 495. Additionally, the new listing appears in the Northeast section of the
Market Center Bidweek Physical Basis Prices table in Inside FERCs Gas Market Report.
Nat Gas
Deliveries from Transcontinental Gas Pipe Line on the 30-inch, 36-inch, and 42-inch lines
from the Georgia/South Carolina border to the Virginia/Maryland border. Deliveries into
Transco at the Pleasant Valley receipt point near Fairfax, Virginia, from Dominions Cove Point
LNG terminal are not included.
Petroleum
Transco, zone 5 delivered
Power
The description for the daily spot-gas point as published in the Platts methodology and
specifications guide is as follows:
Editorial
Trading in the delivered monthly market in Transcos zone 5, which extends from the
Georgia/South Carolina border to the Virginia/Maryland border, has demonstrated a level
that supports a robust pricing location. Platts previously published only daily spot-gas prices
for this location.
Summary
On January 2, 2015, Platts launched a monthly bidweek listing for

Transcontinental Gas Pipeline Corp., zone 5.
Natural Gas
Platts Launches Transco Zone 5 Listing

Softs and
Metals
Finance
The ZEMA graph below shows the natural gas price trend for Transco Zone 2 in comparison to
its annual average price between January 2013 January 2015 (NYMEX data). Prices peaked
at a little over $5 USD/MMBtu in February 2014 before eventually dipping to a low of around
$3 USD/MMBtu in January 2015. Similar analyses can be easily performed with ZEMA
through advanced built-in formulas. To learn more, book a complimentary ZEMA demo.
Weather and
Emissions
Data
Vendors
Market
Analysis
32
In Depth
January 2015
Power
To bring more transparency to the pricing region, Platts is adding a listing for the northern
portion of Transcos zone 6 non-NY, which will be composed of only transactions delivered
from Transco to markets and interconnects north of Station 195 in York, Pennsylvania,
excluding deliveries in the Leidy Hub area and to New York citygates downstream of Linden,
New Jersey.
Editorial
Effective January 2, 2015, Platts launched daily and monthly bidweek

price survey sub-listings for Transco zone 6, non-New York North.
Summary
Natural Gas
Platts Introduces Transco Zone 6 Listing
Petroleum
There has been no change to the existing Platts listing for Transco, zone 6 non-NY, which is
composed of all non-NY delivered transactions both north and south of Station 195.
The description for the new location will be:
Transco, zone 6 non-NY North (daily and monthly survey)
Nat Gas
Coal
The Transco, zone 6 non-NY North listings can be found in the Northeast section of the
Market Center Spot Gas Prices table in Inside FERCs Gas Market Report, Energy Trader,
and Gas Daily Price Guide, in the Citygates section of Gas Dailys Daily price survey table,
and Platts Natural Gas Alert pages 433, 495 and 516. Additionally, the new listings will
appear in the Northeast section of the Market Center Bidweek Physical Basis Prices table
in Inside FERCs Gas Market Report.
Platts Launches New Columbia Gas and Appalachia Listings
Finance
Effective January 2, 2015, Platts launched daily and monthly bidweek price
survey sub-listings for Columbia Gas, Appalachia (Non-IPP) deliveries.
The description for the new location is:

Columbia Gas, Appalachia (Non-IPP)
Data
Vendors
Deliveries to Columbia Gas Transmission from on-system production locations are restricted
from Columbias IPP pool (TCO pool). This pricing location does not include transactions for
gas delivered to Columbia from interconnects with other interstate pipeline systems.
Weather and
Emissions
Prices in the Columbia Gas Transmission system have bifurcated between those that are part
of the Columbia Gas Interruptible Paper Pool (IPP) and those that are not (Non-IPP).
Market
Analysis
The Columbia Gas, Appalachia (Non-IPP) listings will appear in the Columbia Gas
Transmission Corp. section of the Prices of Spot Gas Delivered to Pipelines table in Inside
FERCs Gas Market Report, Energy Trader and Gas Daily Price Guide, in the Appalachia
section of Gas Dailys Daily price survey table, and Platts Natural Gas Alert
pages 403, 482 and 511. Additionally, the new listings will appear in the Columbia Gas
33
In Depth
January 2015
Softs and
Metals
ZEMA collects more than 100 natural gas records from Platts alone. To learn more about the records ZEMA collects, visit
Editorial
ZEMA collects natural gas records from all over the world and from dozens of different data sources. To receive
a complimentary ZEMA demonstration, visit http://www.ze.com/book-a-demo/.
Summary
Natural Gas
Transmission Corp. section of the Bidweek Physical Basis Prices Delivered to Pipelines
table in Inside FERCs Gas Market Report.
Argus Adds Midpoints to Existing Propane Swaps Series

stamp type forward
Category
Frequency
Propane
1, 2, 3, 4, 5, 6 Swaps NWE
month
USD/t
->LPG->Northwest
Europe->Propane
Daily
PA0002721 6
1, 2, 3
Propane
Swaps NWE
quarter
USD/t
->LPG->Northwest
Europe->Propane
Daily
PA0002722 6
1, 2, 3
Propane CP
swap month
USD/t
->LPG->Mideast
Gulf->Propane
Daily
1, 2, 3
Propane Far
East Index
swap month
USD/t
->LPG->AsiaPacific->Propane
Daily
Softs and
Metals
Finance
Coal
PA0002723 6
Nat Gas
Unit
PA0002720 6
Description
Weather and
Emissions
CME Group Launches Suite of European Natural Gas Contracts
Data
Vendors
Effective January 19, 2015, the Chicago Mercantile Exchange (CME) Group
launched the first suite of physically and financially settled European natural gas
cleared futures contracts. The contracts are now listed on CME Groups European exchange,
CME Europe, and are authorized and approved by the United Financial Conduct Authority.
In Depth
34
Market
Analysis
The new suite of physically and financially settled European natural gas contracts are the first
to be introduced on CME Europe since its launch in April with foreign exchange and biofuel
contracts. There will be four physically delivered and eight financially settled exchange-traded
natural gas futures on CME Europe. The physically delivered futures contracts are in the two
major natural gas hubs in Europe: the UK National Balancing Point (NBP) and the Dutch Title
Transfer Facility (TTF). The financially settled futures will be based on the ICIS Heren Natural
January 2015
Petroleum
PA-code
Power
Effective January 5, 2015, Argus added the midpoints (price type 8) to the
data feed for the propane swaps series below. These midpoints will exist in parallel with the
existing high/low price types (1 & 2) until the end of March 2015. The high low price types will
stop for these series after March 31, 2015. These series will be found in the dpgeurope and
dpg data file in the \DLPG folder of ftp.argusmedia.com.
Power
Argus to Discontinue European Propane Swap Assessments
Frequency
1, 2 1, 2, 3
Propane Swaps
>LPG>Northwest
USD/t
NWE month
Europe>Propane
Daily
1, 2 1, 2, 3
Propane Swaps
>LPG>Northwest
USD/t
NWE month
Europe>Propane
Daily
1, 2 1, 2, 3
Propane Far
>LPG>Northwest
East Index swap USD/t
Europe>Propane
month
Daily
PA0002722 6
Softs and
Metals
PA0002721 6
Coal
Daily
1, 2
Finance
PA0002723 6
Category
Propane Swaps
>LPG>Northwest
USD/t
NWE month
Europe>Propane
PA0002720 6
1, 2, 3, 4,
5, 6
Unit
Nat Gas

Description
stamp type forward
Petroleum
Effective March 31, 2015, Argus will stop the following price types (high and low).
These will stop for these series but the midpoints introduced in January 2015 will
continue beyond March 31. These series will be found in the dpgeurope and dpg data file in
the \DLPG folder of ftp.argusmedia.com.
PA-code
Editorial
ZEMA collects more than a dozen natural gas reports from the Chicago Mercantile Exchange. For further information, visit
http://www.ze.com/the-zema-suite/.
Summary
Natural Gas
Gas Indexes for UK, Dutch, Austrian, and German natural gas hubs. The natural gas contracts
will be available on Clearport and Globex and distributed via the Trayport platform alongside
other exchange products.
Weather and
Emissions
Data
Vendors
Market
Analysis
35
In Depth
January 2015
Summary
Editorial
Natural Gas
Power
Petroleum
NYMEX Delists Four Natural Gas Futures Contracts
Code
Rule
Chapter
Transco Zone 2 Natural Gas (Platts IFERC) Basis Futures
8F
436
Transco Zone 2 Natural Gas (Platts Gas Daily/Platts IFERC) Index Futures
L7
443
Transco Zone 2 Natural Gas (Platts Gas Daily) Swing Futures
X3
648
MISO Indiana Hub Day-Ahead Off-Peak Calendar-Month 5 MW Futures
FDM
1072
Coal
Contract
Nat Gas
On January 5, 2015, the New York Mercantile Exchange (NYMEX) delisted

four energy futures contracts, as set out in the table below. The contracts were listed
for trading on the NYMEX trading floor, CME Globex, and for submission for clearing through
CME ClearPort. There was no open interest in these contracts.
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
36
In Depth
January 2015
Summary
Coal
Editorial
Argus Adds New European Coal Assessments
PA0015601
PA0015602
PA0015603
Unit
Category
Frequency
USD/t ->Coal->Baltic
Weekly
USD/t ->Coal->Baltic
Weekly
USD/t ->Coal->Europe Weekly

Coal
PA0015600
Continuous
Description
forward
Coal PCI low-vol
0
fob Baltic
Coal PCI mid-vol
0
fob Baltic
Coal PCI low-vol
0
cif ARA
Coal PCI mid-vol
0
cif ARA
Nat Gas
Time Price
stamp type
Petroleum
PA-code
Power
Effective January 14, 2015, Argus introduced the following new series to the
Argus Steel Feedstocks publication and data module. The following PA codes details
now appear in the DSteelFeedstocks module in the DSteelFeedstocks folder
on ftp.argusmedia.com.
USD/t ->Coal->Europe Weekly

Softs and
Metals
Finance
ZEMA graph below shows the weekly coal production rate in United States between January
2012 and January 2015 (EIA data). In 2012 and 2013, the production of coal shows high
volatility in months of April-May and August-September, as compared to same months in
2014. In 2014, net coal production is less volatile as compared to average coal production.
Easily customizable graphs like this can be built in ZEMA, to create simple or complex
analyses and make effective decisions. To learn more, book a complimentary demonstration.
Weather and
Emissions
Data
Vendors
Market
Analysis
37
In Depth
January 2015
Summary
Editorial
Softs and Metals
Power
SOFTS
CME Lists Cocoa Futures
Cocoa future
CCP
JX
Cocoa NY (ICE) future
CCC
JX
Coal
FIX/FAST and iLink: tag 1151-Security FIX/FAST and iLink: tag 55-Symbol
Group MDP 3.0: tag 6937-Asset
MDP 3.0 tag 1151 - Security Group
Nat Gas
Product
Petroleum
In the first quarter of 2015, the Chicago Mercantile Exchange (CME) Europe
has listed the following Cocoa futures for trading on CME Globex and for clearing
submission via CME ClearPort:
Finance
The ZEMA graph below shows historical NYMEX cocoa future settlement prices
(NYMEX Code: CJ) on a weekly basis from January 19, 2014 January19, 2015. The data
is represented in $USD/ton and ranges from a high of just over $3,200 USD/ton in the third
week of September 2014 to a low of around $2,725 USD/ton in the third week of January
2015. The prices in the third week of January 2015 were the lowest point of the previous
365 days.
Softs and
Metals
ZEMA regularly collects more than 100 data reports on softs. To learn more about ZEMAs extensive data coverage, visit
Weather and
Emissions
Data
Vendors
Market
Analysis
38
In Depth
January 2015
Nat Gas
Petroleum
ICE Futures US also lists a US-based cocoa contract, which will continue to trade unchanged.
Power
For customers wishing to transfer existing London cocoa open interest positions, ICE Futures
Europe will facilitate transfers of open interest between the contracts via a block trading
facility. For contract months with both pound sterling and euro contracts listed, ICE Futures
Europe will apply accountability levels and delivery limits across the two contracts on a
combined basis. The physical terms of the contract will remain identical in all delivery months,
with the only difference being currency.
Editorial
Effective April 2015, Intercontinental Exchange (ICE) Futures Europe will

introduce a new euro currency cocoa contract, which will operate in parallel with
the existing London cocoa contract, which is denominated in pound sterling. The
euro-denominated cocoa futures and options contracts are expected to be launched in
April 2015, with a first maturity of December 2015, subject to completion of relevant
regulatory processes.
Summary
Softs and Metals
ICE Futures Europe to Introduce New Euro Cocoa Contract
MGEX Launches Wheat Calendar Spread Options

Coal
On February 2, 2015, Minneapolis Grain Exchange (MGEX) launched

calendar spread options (CSOs) for the North American Hard Red Spring Wheat
(HRSW) contract. MGEX HRSW CSOs will be available for trade on CME Globex.
Softs and
Metals

ZEMA collects 15 data reports specifically on grain. To learn more about ZEMAs vast data library,
visit http://www.ze.com/the-zema-solutions/data-coverage/.
Finance
Platts Discontinues Northwest European DOP Assessments
DOP FOB Rdam
PHAPQ00
Monthly average: PHAPR03
DOP FD NWE
HPAPS00
Monthly average: HPAPT03
Weather and
Emissions
On January 2, 2015, Platts discontinued its Northwest European dioctyl

phthalate assessments. These assessments used to be published on page
PCA160 and were found under the following codes in the Platts price database:

Data
Vendors
TOCOM and Nikkei Discontinue Raw Sugar Futures
TOCOM and Nikkei have removed Raw Sugar Futures as a component of the Nikkei-TOCOM
Commodity Index, the Nikkei-TOCOM Nearby Month Commodity Index, and the Nikkei-TOCOM
39
In Depth
January 2015
Market
Analysis
On February 2, 2015, The Tokyo Commodity Exchange (TOCOM) and Nikkei

removed raw sugar futures as a component of the jointly published Nikkei-TOCOM
Commodity Index.
Power
Effective January 26, 2015, Commodity Exchange, Inc. (COMEX) listed a

new physically-delivered Gold Kilo Futures contract. The delivery points for this
contract are located in Hong Kong. This contract is now available for trading on the COMEX
trading floor and CME Globex and for submission for clearing through CME ClearPort.
One kilogram (32.15 troy ounces)
Listing Schedule
Trading in Gold Kilo futures is regularly conducted in the following

months: (1) the current calendar month; (2) the next two calendar
months; and (3) each February, April, June, August, October, and
December falling within a 12- month period beginning with the current contract month.
Termination of Trading
Three business days prior to the delivery day. Business days are
based on the US and Hong Kong public holiday calendars.
Delivery Day
Third Wednesday of the delivery month
Minimum Price Fluctuation
$0.10
Value per Tick
$3.215
First Listed and Delivery
April 2015
Block Trade Minimum Threshold
10 contracts
Data
Vendors
Contract Size
Weather and
Emissions
114
Finance
Rulebook Chapter
Softs and
Metals
GCK
Coal
Commodity Code
Nat Gas
Gold Kilo Futures
Petroleum
The contract specifications are provided below:

Contract Name
Market
Analysis

ZEMA collects more than 200 metals records, many of which contain futures data. To receive a complimentary ZEMA
demonstration, visit http://www.ze.com/book-a-demo/.
40
In Depth
January 2015
Editorial
METALS
COMEX Lists Gold Kilo Futures Contract
Summary
Softs and Metals
Agricultural Product & Sugar Index and revised the respective component weightings. The
Nikkei-TOCOM Raw Sugar Index has also been discontinued.
Editorial
China has emerged as a major exporter wire rod to the region in recent years. Platts is seeking
to refocus its market reporting on FOB China price assessments for this steel product.
Summary
Effective February 27, 2015, Platts will discontinue publication of the monthly
price assessment of Wire Rod Mesh Quality CFR East Asia (SB01245).
Softs and Metals
Platts to Discontinue East Asian Wire Rod Price Assessments
Power
Platts Discontinues Publication of Daily Kuala Lumpur Tin Price
Petroleum
As of December 31, 2014, Platts has ceased to publish the daily Kuala Lumpur
tin price (MMAAY10). This price, published in US cents/lb, is a converted number
from the actual KLTM price (MMAYA00) published in US $/mt, using the daily
Malaysian Ringgit exchange rate (MCAAG00).
Nat Gas
As such, please note that Platts has ceased to publish all three codes that are linked to the
same KLTM price.
As Platts has reported, this is not a Platts assessment, but a third-party exchange
price obtained from the Kuala Lumpur Tin Market that can now be obtained from the KLTM
official website.
Coal
Platts Discontinues Quarterly Ore Lump Contract Price

Softs and
Metals
Effective December 31, 2014, Platts discontinued publication of the

quarterly Australia Lump Premium Contract Price (IOPLC00).
Finance
The discontinuation reflects the shift in lump term contracts between Chinese mills
and Australian producers to being priced-based on the average of the Platts Spot Lump
Premium (IOCLP00), rather than being negotiated on a quarterly basis.
Weather and
Emissions
Platts Discontinues Weekly CIF Japan Indium Assessments

As of December 23, 2014, Platts no longer publishes the weekly spot CIF
Japan indium import price assessment (AAVSH00).
Data
Vendors
Platts Stops Publishing Weekly FOB China Antimony Price

Effective December 18, 2014, Platts no longer assesses and publishes
the weekly FOB Antimony Price (MMACZ00).
Market
Analysis
41
In Depth
January 2015
Summary
Editorial
Softs and Metals
Power
Petroleum
Platts Discontinues Weekly FOB China Tungsten Prices
Nat Gas
Effective December 18, 2014, Platts no longer publishes the weekly FOB
China ferrotungsten price assessment (MMAHL00) or the weekly FOB China
tungsten APT price assessment (MMAHF00).
Argus Renames Flotta Gold Codes
New Description
PA5000019
Flotta monthly avg
Flotta Gold monthly avg
PA5000144
Flotta quarterly avg
Flotta Gold quarterly avg
PA5000282
Flotta snapshot
Flotta Gold snapshot
PA5000450
Flotta weekly avg
Flotta Gold weekly avg
Finance
Old Description
Softs and
Metals
PA Code
Coal
Effective January 9, 2015, Argus renamed the following crude codes to

follow a similar name change by the field operator:
Weather and
Emissions
Data
Vendors
Market
Analysis
42
In Depth
January 2015
Summary
Editorial
Finance
Power
Petroleum
CBOE Begins Distributing Volatility Index Values

on FX Options Contracts
Nat Gas
On January 13, 2015, the Chicago Board Options Exchange (CBOE) announced
that it began disseminating values for three new volatility indexes that CBOE
calculates using the prices of CME Dollar/Euro, Dollar/British Pound, and Dollar/Japanese
Yen futures options.
Coal
The CBOE/CME FX Euro Volatility IndexSM (symbol: EUVIX), the CBOE/CME FX British Pound
Volatility IndexSM (symbol: BPVIX), and the CBOE/CME FX Yen Volatility IndexSM (symbol:
JYVIX) are the first benchmarks to track the volatility of foreign exchange (FX) futures options.
The underlying options are the most liquid FX options traded at the CME, and in 2014,
accounted for a combined 80% of the over 15 million total currency options traded at CME.
Softs and
Metals
The value of each Index is derived from applying the proprietary CBOE Volatility Index (VIX)
methodology to the CME Groups FX options on Dollar/Euro, Dollar/BP, and
Dollar/Yen futures.
ICE Futures US Launches Five New Forex Contracts
Code
Israeli shekel / US dollar
ILS
Polish zloty / Euro
PLE
Polish zloty / U.S. dollar
PLN
Turkish lira / Euro
ETR
Turkish lira / US dollar
TRM
43
In Depth
January 2015
Market
Analysis
Contract
Data
Vendors
Effective January 12, 2015, ICE added five new currency pairs to its lineup
of forex contracts. The following contracts are being traded on ICE Futures US:
Weather and
Emissions
ZEMA collects many records from the Chicago Mercantile Exchange regarding Chicago Board of Trade financial
information, including the CBOT Futures daily price record. To learn more about how to transform this collected data into
useful market intelligence, visit http://www.ze.com/the-zema-suite/market-analyzer/.
Finance
Editorial
Power
The ZEMA graph below demonstrates how five foreign exchanges have behaved over the past
five years. The red line represents the Israeli ILS; the two blue lines represent the Polish zloty
over the Euro and US dollar; the two gray lines represent the Turkish Iira over the Euro and US
dollar. In each case, the exchange with the US dollar is always valued beneath the Euro. This
is a straight exchange conversion using data from Bank of Canada.
Summary
Finance
These contracts will trade alongside the ICE US Dollar Index (USDX) future, the most widely
recognized US dollar benchmark and ICEs offering of nearly 60 currency contracts. They also
join ICEs offering of emerging market currency contracts, which include the Brazilian real,
Colombian peso, Indian rupee, Mexican peso, and Russian ruble.
Petroleum
Nat Gas
Coal

Softs and
Metals
Finance
ICE Launches Clearing for Additional European

Sovereign CDS Instruments
Weather and
Emissions
Effective January 5, 2015, Intercontinental Exchange (ICE) Clear Credit

and ICE Clear Europe introduced credit default swap (CDS) clearing for additional sovereign
single names. ICE Clear Credit has added Portugal, Ireland, Italy, and Spain to its suite
of sovereign single names, and ICE Clear Europe has added Austria and Belgium.
Data
Vendors
ZEMA collects 130 ICE records. To learn more about how ZEMA can collect, aggregate, and analyze data,
book a complimentary ZEMA demonstration now at http://www.ze.com/book-a-demo/.
Market
Analysis
Thomson Reuters Appointed to Administer Canadas

Two Key Interest Rate Benchmarks
On January 6, 2015, Thomson Reuters announced its appointment to
administer Canadas two key interest rate benchmarks: the Canadian Dollar Offered Rate
(CDOR) and Canadian Overnight Repo Rate Average (CORRA).
44
In Depth
January 2015
Power
Petroleum
Nat Gas
CORRA is a measure of the average cost of overnight collateralized funding, and is widely
used as the reference for overnight indexed swaps and related futures. CORRA is set as the
volume weighted average rate of overnight repo transactions, conducted on-screen through
designated inter-dealer brokers, which involve general (non-specific) Government of
Canada collateral.
Editorial
CDOR is determined daily from a survey of bid-side rates provided by seven principal
market-makers, including the major Canadian banks. CDOR is also used to determine
interest payments on approximately USD$9 trillion of interest rate swaps, CAD$750 billion in
exchange traded derivatives, and CAD$130 billion in floating-rate notes (FRNs).
Summary
CDOR is the recognized financial benchmark in Canada for bankers acceptances (BAs) with a
term of maturity of one year or less, and represents the rate at which banks are willing to lend
to companies against primary BA issuance to clients with existing credit facilities that
reference CDOR.
Finance
Thomson Reuters was appointed as the administrator for both of these benchmarks following
a tender process that was announced by the Canadian Bankers Association and the
Investment Industry Association of Canada on June 2, 2014.
Coal
Thomson Reuters currently calculates and distributes CDOR; it assumed the role of
CDOR administrator on December 31, 2014 and is working to assume the role of CORRA
administrator, calculation agent and publication agent by March 31, 2015.
Softs and
Metals
Bloomberg and SSGA Introduce Fixed Income

ETF Basket Tool
Finance
On December 19, 2014, Bloomberg introduced the Bloomberg Fixed Income

ETF Basket Tool in order to further automate the workflow and construction of fixed income
exchange traded funds (ETFs). The new offering provides the first comprehensive solution for
clients of State Street Global Advisors (SSGA) to automate the process of creating and
redeeming baskets of fixed income ETFs.
The Bloomberg Fixed Income ETF Basket Tool incorporates the SSGA criteria into functionality
from across the Bloomberg terminal, including Bloombergs Trading Solutions Order Execution
(TSOX), Portfolio Analytics and Risk (PORT), and Fixed Income Trading (FIT) solutions.
The result is the first comprehensive solution for the primary market of fixed income ETFs.
Weather and
Emissions
Data
Vendors
ZEMA collects more than 300 financial records from many different sources including several from Bloomberg. To stay
informed on the latest financial developments, try ZEMA now by booking a free demonstration:
http://www.ze.com/book-a-demo/.
Market
Analysis
45
In Depth
January 2015
bond index ETF
ISIN
LU1109942653
Total expense ratio
0.35 percent
Distribution policy
non-distributing
Benchmark
Markit iBoxx EUR Liquid High Yield Index
Coal
Asset class
Nat Gas
db x-trackers II iBoxx EUR High Yield Bond UCITS ETF
ISIN
LU1109939865
Total expense ratio
0.35 percent
Distribution policy
non-distributing
Benchmark
Markit iBoxx EUR Liquid High Yield 1-3 Index
Data
Vendors
bond index ETF
Weather and
Emissions
Asset class
Finance
db x-trackers II iBoxx EUR High Yield 1-3 Bond UCITS ETF
Softs and
Metals
The db x-trackers II iBoxx EUR High Yield 1-3 Bond UCITS ETF is available for investors who
prefer corporate bonds with a remaining maturity of one to three years.
ETF name
Market
Analysis
The db x-trackers II iBoxx EUR High Yield Bond Short Daily UCITS ETF enables
investors to participate in the inverse performance of the Markit iBoxx EUR Liquid
High Yield reference index.
46
In Depth
January 2015
Petroleum
ETF name
Power
The db x-trackers II iBoxx EUR High Yield Bond UCITS ETF tracks the performance of the largest
and most liquid corporate bonds denominated in euros. Bonds from euro-zone and
non-euro-zone companies with an outstanding minimum volume of 250 million plus a
remaining time to maturity of between two and 10.5 years are admitted to the reference
index. All the corporate bonds have sub-investment grade ratings with a fixed or
variable interest rate.
Editorial
As of January 12, 2015, Deutsche-Brse launched three new db x-trackers

from the ETF section of Deutsche Asset & Wealth Management, which are now tradable
in the XTF segment on Xetra.
Summary
Finance
Deutsche-Brse Launches New X-Trackers Bond Index ETFs
LU1109944352
Total expense ratio
0.35 percent
Distribution policy
non-distributing
Benchmark
Markit Short iBoxx EUR Liquid High Yield Total Return Index
Petroleum
ISIN
Power
bond index ETF
Editorial
Asset class
Summary
db x-trackers II iBoxx EUR High Yield Bond Short Daily UCITS ETF
Finance
ETF name
Nat Gas
NYSE Group and MYRA Capital Launch NYSE Dynamic

Index Family
Coal
Effective January 12, 2015, the New York Stock Exchange (NYSE) and
MYRA Capital announced the launch of the new NYSE Dynamic Allocation Indices family to
fulfill the increasing demand for innovative index solutions combined with an intelligent risk
management and dynamic beta-management.
Softs and
Metals
The new NYSE Dynamic Allocation Index strategies are designed for a variety of investment
vehicles, including separately managed accounts, mutual funds and ETFs. The first index is
dedicated to the US market and will combine a dynamic allocation to either the NYSE US
Large Cap Equal Weight Index or the NYSE Current 10 Year US Treasury Index.
Finance
The new index is currently being calculated and published in real-time through the
NYSE Global Index Feed (GIF), available on all major market data platforms.
Weather and
Emissions
ZEMA currently collects commodity futures data from NYSE. To learn about how to leverage ZEMAs power to collect,
aggregate, and transform stock market data using ZEMA, visit http://www.ze.com/the-zema-solutions/.
Market
Analysis
On January 9, 2015, Nasdaq announced that First Trust will transfer the
First Trust Value Line Equity Allocation Index Fund (Symbol: FVI) from NYSE Arca is now listed
on The Nasdaq Stock Market. The funds new investment objective will seek investment
results that correspond generally to the price and yield (before the funds fees and expenses)
of the Nasdaq AlphaDEX Total US Market Index. The new fund is now referred to as the First
Trust Total US Market AlphaDEX ETF (Symbol: TUSA).
Data
Vendors
First Trust Value Line Equity Allocation Index Fund Now

Listed on Nasdaq

47
In Depth
January 2015
Summary
Editorial
Finance
Power
Petroleum
EBS Market Launches End of Month Indian Rupee Forward
Nat Gas
On January 5, 2015, EBS, ICAPs market-leading electronic FX business,

announced that it completed a pilot and will launch the first purely electronic
over-the-counter, end of month (EOM) non-deliverable forward (NDF) contract on the EBS
Market platform.
Finance
Softs and
Metals
EBS will offer two fixed date EOM contracts at any time, with settlement dates set for the last
business day of that month and the following month respectively.
Coal
The Indian rupee (INR) contract, which is initially being launched off-SEF will be a liquid fixed
date contract which replicates the structure of a futures contract and aligns with INR futures
dates. The liquidity and tenor will be particularly appealing to customers that do not have
access to a futures exchange for executing orders and hedging. The EOM INR NDF offers open
access to all EBS participants that are able to trade off- SEF and will complement the existing
one month O/R.
Weather and
Emissions
ZEMA regularly collects more than 50 data reports from ICAP which can be incorporated into powerful
analyses and forward curves before being pushed to downstream systems. For further information, visit
http://www.ze.com/the-zema-suite/.
Data
Vendors
Market
Analysis
48
In Depth
January 2015
Summary
Editorial
Finance
Power
Softs and
Metals
ICAPs EBS Collaborates with SGX on Asian Foreign

Exchange Initiatives
Coal
Nasdaq plans to expand the service to also include Danish Krona, Norwegian Krona, and Euro
denominated instruments during 2015. Buy-side firms can access the OTC clearing service
through approved OTC clearing members.
Nat Gas
On December 19, 2014, Nasdaq Clearing announced that Swedbank Robur, the largest
Swedish fund manager, has started clearing of Interest Rate Swaps through the clearing broker Swedbank. The OTC instruments available for clearing are Swedish Krona denominated
Interest Rate Swaps, Overnight Index Swaps and Forward Rate Agreements.
Petroleum
Swedbank Robur Starts Clearing Interest Rate Swaps

through Nasdaq
On January 14, 2015, ICAP and Singapore Exchange (SGX) announced a

strategic partnership to boost the growing Asian currency market. EBS, ICAPs
market-leading electronic FX business, and SGX will collaborate and develop a new range of
Asian currency products and services that complement the FX OTC and futures markets
in Asia.
Data
Vendors
Market
Analysis
EBS and SGX will initially offer customers access to SGX listed currency derivatives via the EBS
platforms, to be cleared by SGX. Through this collaboration, customers will be able to execute
and clear selected SGX Asian FX Futures contracts in specific large sizes called Negotiated
Large Trades. Subject to respective regulatory approvals, EBS and SGX plan to implement this
initiative in the third quarter of 2015. EBS is also exploring the opportunity to establish an
additional matching engine in Singapore, to be located in an SGX hosted facility, which would
facilitate the execution of joint business opportunities and product offerings.
Weather and
Emissions
The collaboration between SGX and EBS will strengthen the liquidity in both the FX OTC and
futures markets in Asia. Together EBS and SGX will develop new business opportunities and
product offerings leveraging each of their unique assets, market presence, and relationships
throughout Asia.

49
In Depth
January 2015
Summary
Editorial
Power
Petroleum
Nat Gas
Platts Begins Publishing Cross-State Air Pollution Rule

Allowance Assessments for 2015, 2016
Coal
As of January 5, 2015, Platts has started publishing daily assessments for eight
types and vintages of sulfur dioxide and nitrogen oxides emission allowances for each year
2015 and 2016 created by the US Environmental Protection Agencys Cross-State Air
Pollution Rule (CSAPR).
Softs and
Metals
The assessments, which replaced those for 2012 and 2013, respectively, follow a return to
relevancy of the federal emissions program due to the lifting of a stay by the US Court of
Appeals for the District of Columbia Circuit for the EPAs CSAPR program in October.
Finance
The new assessments appear daily in Coal Trader and Megawatt Daily.
For 2015, Group 1 SO2 allowances will be listed under the code ESO2115; Group 2 SO2
allowances will be listed under the code ESO2215; Seasonal NOx allowances will be
listed under the code ENOXS15; and Annual NOx allowances will be listed under the code
ENOXA15.
Data
Vendors
For 2016, the codes will be the same except the final digit will be 6. Platts will expire its daily
assessments for its Year 1 CSAPR allowances on the last business day of February of the
following year. For example, CSAPR allowances for 2015 and 2016 will be assessed up to
and including February 29, 2016. On March 1, 2016, CSAPR allowances for 2016 and 2017
will be assessed daily by Platts.
Market
Analysis
ZEMA collects over 200 weather market records containing information about hydrology, actual and
forecast weather data, and more. To learn more about ZEMAs data coverage,
visit http://www.ze.com/the-zema-solutions/data-coverage/.
50
In Depth
January 2015
Power
Petroleum
Nat Gas
AccuWeather MinuteCast is currently available for the contiguous United States, Canada,
Japan, Ireland, France, Germany, Belgium, Switzerland, Netherlands, Luxembourg, the United
Kingdom, and parts of the Czech Republic, with additional locations to come. AccuWeather
for Android Wear, and for Android smartphones and tablets, is available from Google Play.
Editorial
AccuWeathers app for Android Wear features AccuWeather MinuteCast, the only
global minute-by-minute precipitation forecast for a persons exact street address or GPS
location. AccuWeather MinuteCast includes precipitation type and intensity, as well as start
and end times for precipitation, and gives users by-the-minute precipitation forecasts for the
next two hours.
Summary
On January 6, 2015, AccuWeather announced that the AccuWeather app for

Android is available for Android Wear, providing users with all the weather information they
need wherever they go. Android Wear brings you useful information when you need it most, at
a glance on your wrist.
AccuWeather Releases New Android Wear App

with MinuteCast
Coal
Softs and
Metals
The ZEMA graph below shows an annual comparison between January 2014 vs. January 2015
of the total precipitation across British Columbia (Environment Canada data). Precipitation
levels reached a high of 23mm for January 2015, as opposed to a high of 19mm for 2014.
For values after January 26, 2015, a trend line was created using data from the same time
period. To learn more, book a complimentary ZEMA demonstration.

Finance
Data
Vendors
Market
Analysis
51
In Depth
January 2015
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
For further information on these reports, visit:
Editorial
Since the last issue of ZE DataWatch, ZE has added numerous data reports published by
NEISO, CAISO MRTU, OMIP, OMIClear, EPEX, ERCOT Nodal, SPP IMT, RBC, RTE France, the
Federal Reserve, and Gaspoint Nordic. The 42 NEISO reports span a wide range of electricity
data including real-time and day-ahead NCPC payment, settlement, and generator posturing
reports. The four CAISO MRTU reports concern scheduling point/tie combination LMP data.
And the OMIP reports include MIBEL futures and options as well as daily and hourly spot
prices and volumes. These expansions of ZEs data collection targets have been implemented
in response to a need for more varied and timely electricity-related data. As well, additional
currency-based reports are now being collected in the form of benchmark CAD CMS rates
from RBC and St. Louis ICE Libor rates from the Federal Reserve.
Summary
For 20 years, ZE PowerGroup Inc. (ZE) has consistently kept up to date on the latest in energy
and commodity data changes. ZE collects data from vendors spanning the weather, oil,
natural gas, electricity, agriculture, and finance industries, including Platts, Argus, the
Chicago Mercantile Exchange, the New York Mercantile Exchange, the Intercontinental
Exchange, and OPEC. ZE then provides its clients with access to both public (free subscription)
and private data reports, including reports that are collected based on clients specific needs.
ZEMA Adds Numerous Electricity Reports to Its

New January Data Sources
http://www.iso-ne.com/markets-operations
Finance
http://www.caiso.com/1798/1798ea1b23080.html
http://www.omip.pt/OMIP/tabid/62/language/en-GB/Default.aspx
Weather and
Emissions
http://www.epexspot.com/en/market-data
http://www.ercot.com/mktinfo
http://www.spp.org/section.asp?pageid=3
https://www.rbccm.com/fixedincomenotes/cmsbenchmarkrates/
http://www.rte-france.com/en/accueil
http://www.federalreserve.gov/econresdata/default.htm
Market
Analysis
http://www.gaspointnordic.com/market-data
To see the full list of ZEMA data providers, visit
52
In Depth
January 2015
Summary
Editorial
Power
Petroleum
Softs and
Metals
At the event, attendees will discover how the advanced visualization functionalities of the
ZEMA-FutureSource solution empower front-, middle-, and back-office personnel to quickly
respond to rapid changes in markets and conditions. Additionally, IDCO provides users with
the enhanced ability to chart and analyze market content, display powerful forward curves
built with ZEMA, and easily export this information to Excel for further analysis.
Coal
On February 19, 2015, ZE will co-host a Lunch and Learn with partner Interactive Data
Corporation (IDCO), a provider of financial information services, from 10:30 a.m. - 2:00 p.m.
at Willie Gs Seafood and Steaks in Houston, TX. At the event, ZE and IDCO will demonstrate
the benefits of the integrated ZEMA-FutureSource solution, which enables clients to access
ZEMAs data collection and curve management tools within FutureSource terminals.
Nat Gas
ZE and Interactive Data Co-Host Integration Lunch and Learn

in Houston, TX
Weather and
Emissions
Click here to register for this upcoming Lunch and Learn. To find out more about the ZEMAFutureSource solution, watch the recentwebinar video.
Finance
Waleed El-Ramly, Chief Product Officer at ZE, will be present at the Lunch and Learn to
demonstrate to attendees the advantages and functionalities of an integrated ZEMAFutureSource solution. As well, Jim Ekstrand, IDCOs Senior Product Manager, will be assisting
with the product demonstration at the event.
Market
Analysis
53
In Depth
January 2015
Nat Gas
Coal
Softs and
Metals
Weather and
Emissions
Market
Analysis
About Powernext:
Powernext is a regulated market operating under AMF supervision. Powernext manages the
natural gas activities of the EEX Group under the PEGAS brand throughout Europe, and
operates the National Registry for electricity guarantees of origin in France. Powernext owns
50% in EPEX SPOT, 20% in EEX Power Derivatives and 1.5% in ECC. For more information:
www.powernext.com
Finance
About EEX:
EEX Group provides the central market platform for energy, energy related and commodity
products and enables access to a network of over 350 trading participants. The offering of the
group comprises contracts for Energy, Environmentals, Freight, Metals and Agriculturals listed
at the European Energy Exchange, EPEX SPOT, Powernext, Cleartrade and Gaspoint Nordic.
Clearing and settlement of transactions concluded or registered on the exchanges is provided
by the central clearing house European Commodity Clearing. EEX is part of Deutsche-Brse
Group. For more information: www.eex.com
54
In Depth
About PEGAS:
PEGAS is the central gas trading platform of EEX Group, operated by Powernext. PEGAS
provides its members with access to all products on one single platform and allows them to
January 2015
Petroleum
The change in Powernexts shareholding structure has been formally validated by its General
Assembly. Therefore, with effect from January 1, 2015, EEX is majority shareholder of
Powernext holding 55.8 percent of the shares.
Power
Dr. Egbert Laege, the newly appointed Executive Director Gas Markets of EEX Group, adds:
The successful migration shows the high level of commitment of our members. Harmonizing
the offering is an important step and a perfect launch pad for future developments of PEGAS.
Editorial
Peter Reitz, Chief Executive Officer of EEX, and Jean-Franois Conil-Lacoste, Chief Executive
Officer of Powernext, comment: With this step, EEX Group facilitates access to all natural gas
products available on PEGAS and provides trading for major European gas hubs on one
platform with only one Powernext membership. This development serves our vision of a
pan-European natural gas offering.
Summary
Leipzig, Paris, January 6, 2015 The European Energy Exchange (EEX) and Powernext have
successfully migrated all active EEX gas market members representing 100 percent of the
NCG and GASPOOL Open Interest to Powernext on January 1, 2015. As of now, all natural gas
activities of the EEX Group are operated by Powernext under the brand PEGAS. In total,
154 participants are now admitted to trading natural gas products on PEGAS. The formal
transfer of the majority shares in Powernext to EEX has been completed.
Harmonization of PEGAS Markets Successfully Completed
Editorial
Power
Petroleum
Argus Acquires MetalPrices.com, Expands Metals Coverage
Summary
trade natural gas contracts in the Belgian, Dutch, French and German market areas. The
product range of PEGAS covers spot and derivatives contracts for the major European gas
hubs as well as trading in location spread products between these market areas. This setup
enables market harmonization and forms the leading pan-European natural gas market. For
more information: www.pegas-trading.com
Nat Gas
Houston, January 12, 2015 Global energy and commodity price reporting agency Argus
has bought MetalPrices.com, one of the worlds largest providers of metals market
information. The acquired online service includes proprietary price assessments, futures
prices and other exchange data, and third-party assessments of market prices around the
world. The acquisition will further increase the range of Argus information available to the
metals sector.
Coal
Founded in 1995, MetalPrices main focus is price assessments for open-market or

over-the-counter (OTC) metal products reporting the prices of metals that are not listed on
the major exchanges, but which are essential to global trade. The company publishes
nearly 300 metals price assessments each week. These proprietary assessments are
trusted for indexation and market analysis especially in North American ferrous and
non-ferrous secondary metal markets. The data are available through the MetalPrices.com
website and through weekly publications, Ferrous Scrap Price Index Daily and Marleys
Heavy Melt Weekly and News Flash.
Softs and
Metals
Finance
Argus Media chairman and chief executive Adrian Binks said: MetalPrices is a natural fit for
Argus expanding energy and commodities portfolio. In recent years we have increased our
metals coverage to include iron ore, coking coal and metallurgical coke services as well as
coverage of the ferro-alloy, minor metals and rare earth markets through our purchase of
Metal-Pages in May 2014. This acquisition complements this and extends Argus global
coverage of metals markets.
Weather and
Emissions
MetalPrices.com president Marc Dulin said: We are delighted to become part of Argus as it
deepens its metals coverage. The MetalPrices service will go from strength to strength with the
benefit of Argus international reputation, technical resources and global editorial team, which
we are all excited to join.
Terms of the acquisition were not disclosed.
Market
Analysis
Houston Gabriela Alcocer

+ 1 713 968 0000
gabriela.alcocer@argusmedia.com
55
In Depth
January 2015
Editorial
Power
Petroleum
Bogota, January 20, 2015 Colombias mining regulatory agency ANM has started pricing
coking coal for royalty calculations using price assessments published by global energy and
commodity news and price reporting agency Argus. This expands Colombias innovative use
of market-based tax calculations to the coking coal sector and is joined by enhanced use of
Argus indexation in the thermal coal tax formula.
Summary
Colombia Adopts Argus Coking Coal and Freight

Assessments in Volatile Market
Softs and
Metals
Finance
Argus freight assessments have also been incorporated into Colombias coal royalties for
thermal coal produced in the central region of the country, joining the Argus/IHS McCloskey
API 2 index for this calculation. Argus assessment of Panamax rates from Colombia to
Rotterdam will be used to calculate a netback price from the northwest Europe trading hub.
These freight assessments are available in Argus Coal Daily International and Argus Freight.
Coal
Argus exclusively publishes these fob Colombia coking coal price assessments, which Latin
Americas coal markets have rapidly adopted for robust, reliable price indexation. The
assessments are published in Argus Steel Feedstocks, a service covering coking coal, iron ore
and ferrous scrap markets around the world.
Nat Gas
Colombian authorities will begin using Argus fob Colombia coking coal price assessments to
calculate market values for export shipments from the countrys coal mines. Colombias
market-based pricing will benefit all stakeholders in the countrys coal industry during a
period of historically low prices. The Colombian program will provide relief for producers while
coal prices are low, keeping these industries competitive in international markets. And it will
ensure that the Colombian sector benefits when coking coal prices recover.
Weather and
Emissions
Argus price assessments are used extensively by governments as independent references for
taxation and other purposes, Argus Media chairman and chief executive Adrian Binks said.
We fully expect other growing and liberalising economies in Latin America to take similar
steps in the near future.
Colombia is one of the top coal exporters in the world, and is the third-biggest exporter of
coking coal in the Americas. Coking coal is used to make metallurgical coke, which is a
feedstock in primary steel production.
56
In Depth
January 2015
Market
Analysis
Argus coal price assessments are widely used in physical and derivative contracts around the
world. Its transparent price assessment methodology has been increasingly adopted
throughout the Americas and globally. Argus price assessments are used by major energy
producers and consumers as price references in long-term supply contracts, and by market
Power
Houston Gabriela Alcocer

+ 1 713 968 0000
gabriela.alcocer@argusmedia.com
Editorial
Request more information on Argus fob Colombia coking coal, freight rates and other Argus
price assessments.
Summary
participants for portfolio mark-to-market, counterparty exposure management, derivatives

and a wide range of investment and market analysis purposes.
Petroleum
Carbon Market Data launches the South Korea ETS Database
The Korean emissions trading scheme currently includes 525 companies, accounting for 68%
of the countrys total greenhouse gas emissions.
Softs and
Metals
More info at http://www.carbonmarketdata.com
Coal
The South Koreas cap-and-trade system started on January 1, 2015, and is part of the countrys goal to reduce its greenhouse gas emissions by 30 per cent to 2020 compared to business-as-usual levels. This objective equates to a 4% reduction below 2005 emissions levels.
Nat Gas
On January 19, 2015, Carbon Market Data announced the launch of the South Korea Emissions Trading Scheme Database.
Finance
57
In Depth
January 2015
Market
Analysis
The direct shareholdership of Electricity Transmission System Operators (TSOs) pooled in

HGRT marks a new chapter for the European Power Exchange. TSOs are most welcome as
Data
Vendors
Paris / Leipzig / Bern / Vienna, January 19, 2015 The shareholder structure of the
European Power Exchange EPEX SPOT SE has changed: The holding HGRT of European
Transmission System Operators Elia (Belgium), RTE (France) and Tennet (Netherlands) has
taken a 36.7% share in EPEX SPOT. The shares originate from EEX which now holds 13.3%
(formerly 50%). In exchange, EEX Group has received the 53% stake of HGRT in French Energy
Exchange Powernext. The share of Powernext in EPEX SPOT remains unchanged at 50%;
EEX is indirect majority shareholder of EPEX SPOT. The change has become effective on
January 1, 2015.
Weather and
Emissions
Transmission System Operators Elia, RTE and Tennet Jointly take 36.7%
Share in EPEX SPOT
Editorial
Power
Petroleum
Nat Gas
The European Power Exchange EPEX SPOT SE operates the power spot markets for Germany,
France, Austria and Switzerland (Day-Ahead and Intraday). Together these countries account
for more than one third of the European power consumption. EPEX SPOT also acts as market
operating service provider for the Hungarian Power Exchange HUPX and operates the coupling
between the Czech, the Slovak, the Hungarian and the Romanian markets on behalf of the
local Exchanges. It is a European company (Societas Europaea) based in Paris with branches
in Leipzig, Bern and Vienna. Over 220 companies from Europe are active on EPEX SPOT. 382
TWh have been traded on EPEX SPOTs markets in 2014.
Summary
The deeper integration with TSOs supports EPEX SPOT in the coupling of the European power
market. After the launch of the respective national Power Exchanges in France and Germany
and the creation of the first transnational Power Exchange in continental Europe EPEX SPOT in
2008, the new shareholder structure sets the foundations for further growth of EPEX SPOT.
direct shareholders of EPEX SPOT, with six seats out of the twelve Supervisory Board
members, as they play a key role in integrating the European power market, underlines
Jean-Franois Conil-Lacoste, Chairman of the Management Board of EPEX SPOT and
Executive Director Power Spot Markets of EEX. At the same time, we reinforce our roots as an
Exchange and become part of the EEX Group.
Coal
Softs and
Metals
French-German Office for Renewable Energies and EPEX SPOT Issue

Joint Paper on Direct Marketing of Renewable Energy
With increasing intermittent production from RES, power markets in Europe are in need for
flexibility. As a result, Intraday trading volumes have multiplied tenfold in the past five years.
58
In Depth
January 2015
Market
Analysis
In parallel to this development of RES, the European energy sector undergoes a fundamental
transformation, with the ongoing liberalization of national power markets and the creation of
an internal energy market. Against this background, EPEX SPOT discusses the following
topics, amongst other things:
Weather and
Emissions
The support scheme via direct marketing in Germany exists since the amendment of the
EEG Law (Erneuerbare Energien Gesetz) in 2012 and is a central element of the 2014 EEG
amendment. It is also one of the key elements of the French energy transition act which will be
discussed in the Senate from February on.
Finance
Paris / Berlin, January 20, 2015 The French-German Office for Renewable Energies
(DFBEE/OFAEnR), in cooperation with the European Power Exchange EPEX SPOT, has issued a
background paper on direct marketing of renewable energy sources (RES). The paper analyzes
market-based support schemes of renewable energy in France and Germany. It is available in
German and in French.
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Since its creation in 2006 by the governments of Germany and France, the French-German
Office for Renewable Energies (DFBEE / OFAEnR) has continuously developed in order
to facilitate the exchange of information and proven methods between its members and to
build bridges between the stakeholders from industry and politics of both countries. Today,
the Office focuses on the RES with all their potential wind, solar and biogas as well as on
many topics close to the energy transition such as electricity grids, energy storage, security of
supply and RES market integration. The work of the DFBEE / OFAEnR is supported by companies, industry associations and the governments of both countries. The offices in Berlin and
Paris are integrated in the Bundesministerium fr Wirtschaft und Energie and the Ministre de
lcologie, du Dveloppement durable et de lnergie which facilitates a close connection with
political stakeholders.
Power
The European Power Exchange EPEX SPOT SE operates the power spot markets for Germany, France, Austria and Switzerland (Day-Ahead and Intraday). Together these countries
account for more than one third of the European power consumption. EPEX SPOT also acts as
market operating service provider for the Hungarian Power Exchange HUPX and operates the
coupling between the Czech, the Slovak, the Hungarian and the Romanian markets on behalf
of the local Exchanges. It is a European company (Societas Europaea) based in Paris with
branches in Leipzig, Bern and Vienna. Over 220 companies from Europe are active on EPEX
SPOT. 382 TWh have been traded on EPEX SPOTs markets in 2014.
Editorial
On January 29, the German-French Office for Renewable Energies organizes a conference on
the Development of support schemes and market integration of renewable energy sources in
France and Germany (program available in German and in French). It will take place in Berlin
in the Federal Ministry for Economic Affairs and Energy. EPEX SPOT will speak about the role of
the Exchange for market integration of renewables.
Summary
Market coupling in Europe smoothens prices and stabilizes costs.
Direct marketing improves the market integration of RES. It delivers an incentive for an
optimized production forecast and for load-based injection, being beneficial for the system.
Weather and
Emissions
Speedwell Weather Announces an Expansion of South American Coffee

Monitoring in its Commodity Product
59
In Depth
January 2015
Market
Analysis
Charleston, January 27, 2015 Speedwell Weather is pleased to announce the continued
expansion of the Speedwell Commodity Product. The latest addition focuses on increasing
surface observation density in the important coffee producing regions of Brazil and Columbia.
By expanding our access to surface observations in the key growing regions we are better able
to understand the weather conditions impacting the crop. For each new observation point we
are offering the standard suite of services including historical cleaned observations, ongoing
cleaned observations, and Speedwell downscaled forecasts.
Editorial
Power
Petroleum
Nat Gas
The Speedwell Commodity Product uniquely combines a highly quantitative approach to

understanding historic and forecast weather in crop areas through the Commodity Product
Desktop with comment and alerts via email. Based on our archive of tens of thousands of
world-wide weather data sets, no other provider is able to match the density and quality of
surface observations.
Summary
Daniel Greenstein, Meteorological Analyst at Speedwell Weather says, After a significant

drought affected Brazilian coffee production last year, 2015 has started off dry. Speedwells
enhanced Brazilian coffee index will give users a better idea if more trouble is on the horizon.
Access to the Speedwell Commodity Product statistical analysis and daily commentary
reports provide traders with a unique perspective on the weather impacting the health
of the crop.
Accounting for about 33% of global coffee production the importance of the Brazilian coffee
crop is undeniable. The latest additions focus mainly on southern Minas Gerias and the
surrounding areas where 60% of the Brazilian Arabica is grown as well as the important
Medillin, Armenia and Manizales (MAM) region in Colombia which is where the famed soft
Arabica beans are grown.
To learn more about this product please visit: http://www.speedwellweather.com for

additional information and a free trial.
Coal
About Speedwell Weather:
Softs and
Metals
Founded in 1999, Speedwell Weather provides quality weather data, weather forecasts,
software, and consultancy. From offices in the UK and the USA we serve clients world-wide
in sectors including weather-risk management, energy, Insurance, and agriculture. Our data
products include SuperPack, which provides unlimited access to our thousands of high
quality world-wide weather data sets. Speedwell Weather is the dominant settlement agent
for parametric weather risk contracts world-wide.
Finance
For further information please seewww.SpeedwellWeather.comor contact:
Weather and
Emissions
Stephen Doherty (Europe)

stephen.doherty@SpeedwellWeather.com
David Whitehead (USA)
david.whitehead@SpeedwellWeather.com
Nick Hammond (Media Contact)
nick.hammond@speedwellweather.com
Market
Analysis
60
In Depth
January 2015
Editorial
Power
Summary
Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX)
Petroleum
Nat Gas
The price of oil continues to drop, despite reassurances from OPEC that the oil market may
have finally found its bottom and should be on its way back up. Both Brent and WTI fell to a
six-year low on Friday, January 23, 2015, at $50 USD/bbl and $48 USD/bbl, respectively.
The spread between WTI and Brent futures is also getting smaller, decreasing by over 80%
from $12 USD/bbl at the beginning of 2014 to $2 USD/bbl in January 2015. (Reuters)
Softs and
Metals
Finance
Brent oil prices are already down 17% for the year, as global supply growth continues to
outpace demand. OPEC decided not to lower its production quota in November, placing more
pressure on non-OPEC producers, such as the United States and Canada, to reduce output.
Coal
In January 2015, data from NYMEX prompt-month future settlements showed that Brent
and WTI oil prices traded near four-year lowsBrent and WTI traded at $43 USD/Bbl and
$37 USD/Bbl below the last 12-month average. Furthermore, the last 12-month averages
for Brent and WTI on NYMEX dropped to $96 USD/Bbl and $90 USD/Bbl, respectively. The
Brent-WTI spread (represented by the purple area in the graph above) sat at $2 USD/Bbl this
month, which was $4 USD/Bbl below the last 12-month average of $6 USD/Bbl.
Weather and
Emissions
Data
Vendors
61
In Depth
January 2015
Editorial
Power
Summary
Crude Oil Brent vs. WTI: Forward Curve (NYMEX)
Petroleum
Coal
Softs and
Metals
Oil has declined rapidly since mid-June, as persistent output growth from the United States,
along with sustained OPEC production, have overlapped with a decrease in global demand.
Despite plunging oil prices, OPEC defended its November decision to maintain its official
crude petroleum ceiling of 30 million barrels per day rather than cut production to cushion
prices. By keeping the production at the current level, there wont be enough push to bring
down the prices when considering global demand.
Nat Gas
The prices of crude for delivery over the next two years are falling as the price of oil continues
to slide, with January 2015s average forward prices for both Brent and WTI around $10 to
$15 USD/bbl cheaper than forward prices in December 2014. The price of WTI for delivery
in February 2015 dropped from $59 USD/bbl to $48 USD/bbl this month, while the price of
Brent dropped from $63 USD/bbl to $50 USD/bbl.
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
62
In Depth
January 2015
Editorial
Summary
Power
North American Natural Gas Spot Prices (NYMEX)
Petroleum
Nat Gas
Softs and
Metals
Finance
When compared to the first 23 days of December 2014, the average prices decreased as
temperatures warmed and demand declined. Prices fell from $4.20 USD/MMBtu in Chicago
to $3.17 USD/MMBtu, from $3.65 USD/MMBtu in Henry Hub to $2.96 USD/MMBtu, and
from $3.65 USD/MMBtu in Californias PG&E Citygate to $2.96 USD/MMBtu. Comparing
January 2015 prices to last years prices, monthly average gas prices decreased in New Yorks
Z6, Chicago Citygates, Henry Hub, and PG&E by 27%, 27%, 32%, and 28%, respectively. In
the first three weeks of January 2015, Transco Zone 6 was the most volatile hub with prices
ranging from $6.4 USD/MMBtu on January 12 to $8.5 USD/MMBtu on January 23.
Coal
On the New York Mercantile Exchange (NYMEX), prices remained at the consistently low level
across Henry Hub, PG&E Citygate, and Chicago Citygate. Northeastern Gas, as represented by
Transco Zone 6, was $8.41 USD/bbl as of January 23, 2015, where (EIA) prices rose in
anticipation of a blizzard.
Weather and
Emissions
Data
Vendors
63
In Depth
January 2015
Editorial
Summary
Power
Henry Hub Natural Gas Forward Curve (NYMEX)
Petroleum
Nat Gas
In line with EIAs short-term forecast that Henry Hub natural gas prices would be around
$3.52 USD/MMBtu this winter and $3.44 USD/MMBtu in 2015, Henry Hub natural gas
futures for the next 12 delivery periods traded at almost 20 to 30 cents lower this month
compared to December 2014. (EIA)
Coal
Data from NYMEX suggests the spread between January 2015 and January 2016 contracts
(represented by the purple bar) will average at $0.23 USD/MMbtu for the next 12 months. As
the purple bars show, the spread has a trend of slowly dwindling for the next two years.
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
64
In Depth
January 2015
Editorial
Power
Summary
Actual Weather (Accuweather)
Petroleum
Coal
Softs and
Metals
Notably, the average temperature in San Antonio, Texas, this month was nearly 30% colder
compared to last year, dropping from 9.9 degrees Celsius last January to 6.3 degrees Celsius
this January. Meanwhile, temperatures in Chicago and New York have recovered to warmer
levels after a cold snap at the beginning of 2015. In stark contrast, temperatures in San Diego, California, have remained consistently above 10 degrees Celsius throughout the month.
Nat Gas
Even with the onslaught of winter storms, average monthly temperatures across the continental United States have been slightly warmer in comparison to January temperatures of last
year. The average in New York is about 1 degree Celsius higher this January compared to January 2014, and Chicago is 5 degrees Celsius higher.
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
65
In Depth
January 2015
Power
Petroleum
Nat Gas
Coal
On the ICE, day-ahead peak electricity prices have remained flat in January 2015 in ERCOT
North 345 kV and SP15, with the exception of NYISO, as represented by Zone A prices.
Eastern power prices rose as the temperature dropped. While ERCOT North prices have
dropped from $30.27 USD/MWh at the beginning of the month to $28.24 USD/MWh on
January 23, NYISO Zone F peak power rose from $41.6 USD/MWh at the beginning of the
month to $76.33 USD/MWh on January 23, with prices peaking at $83.64 in the middle of
the month. A sharp decrease in temperature in New York and Chicago between January 6 and
January 20 could be responsible for the spike in prices compared to the other observed cities.
Editorial
Summary
Electricity: Day-Ahead Prices (ICE)
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
Market
Analysis
66
In Depth
January 2015
o
e
n
Editorial
O
t
r
Pa
Summary
In Depth
o
w
T
f
Power
Petroleum
Nat Gas
Coal
The Seven Ages of Oil:
Softs and
Metals
Boom and Bust, War and Peace,

Growth and Decline
Finance
By Aiman El-Ramly
In Depth
67
Market
Analysis
January 2015
Data
Vendors
The week of January 26, 2015, saw the price of a barrel of oil drop below $45. It has been a
perilous plummet from a high of $100.52 just six months ago. If you ask a Goldman Sachs
trader, they may tell you the price will probably continue to decline to as low as $30. If you ask
an Iranian oil minister, he may tell you the industry might endure a further slump toward $25.
Funny thing if you had asked a trader at Goldman Sachs or an Iranian oil minister the same
question 17 years ago in 1998, they may have had the same negative sentiment: The price
of oil is going down, and it is going to stay that way for a while. So just you tighten your belt!
Weather and
Emissions
Dateline January 2015: The Perilous Plummet
Petroleum
Nat Gas
Coal
1. 1859-1870: Illumination Births an Industry
Power
For clarity, we will define the seven ages of oil as those periods in time that saw oil price
growth followed by periods of accumulated average price decline of greater than 30%
(all prices adjusted for inflation to 2014 dollars). These price climbs and subsequent
descents can be extremely dramatic in the short term, as demonstrated by the current 55%
drop over the past six months. Or, it can be more gradual as with the multi-year decline from
a high of $110 in 1979 to less than $25 in 1994. Similarly, oil prices reached an astonishing
near all-time low in 1998 at just over $17 before reaching an all-time high of $140 in June
2008, only to fall once again below $40 by the end of the year. Clearly, oil trading is a high
stakes endeavor not fit for the faint of heart. Let us then describe the seven ages of oil in an
attempt to discern some measure of commonality or predictability.
Editorial
The Seven Ages
Summary
If we pinpoint the beginning of the commercial oil industry as Edwin Drakes

1859 machine-drilled well near Titusville, Pennsylvania, then we can say with confidence that
oil prices have always known dramatic growth and decline. Mr. Drake did indeed touch off
the first major boom, soon to be followed by the first major shock a few years later due to the
US Civil War. Indeed, technical innovation, commercial interests, geo-politics, and war have
always driven the booms and busts of the oil industry.
In Depth
Boom Goes the Machine-Drilled Well
2. 1870-1911: Rockefeller Creates the Multinational Oil Standard

Softs and
Metals
3. 1911-1921: A Pax on Arabia

4. 1921-1973: Texas Oil Boom in the Gusher Age
5. 1973-1994: The Middle East Shrugs its Shackles
Finance
6. 1994 -2008: Deregulation, Speculation, Manipulation, and Detonation

7. 2008-2015: All Fracked Up
Weather and
Emissions
Data
Vendors
Market
Analysis
January 2015
68
In Depth
Figure 1: US oil price fluctuations throughout the Seven Ages of Oil (1859-2015)
Editorial
Power
Petroleum
Figure 2: Percentage fluctuations throughout the Seven Ages of Oil (1859-2015)
Weather and
Emissions
Data
Vendors
Market
Analysis
In Depth
69
Finance
It should be noted that wars are expensive, resource-hungry endeavors. In the 1850s,
US federal expenditures were $1 million a week. By the start of the war it had reached
$1.5 million a day. By the end of the war it had rocketed to $3.5 million a day. The United
States was the first country to spend $1 billion in a single year. To finance the war, the North
and the South each taxed its citizens, borrowed money, and printed new dollars. The result
was hyper-inflation of up to 9,000% by the end of the war. The North was more effective in its
Softs and
Metals
The first yields of 25 barrels per day fetched a pretty premium at the equivalent of $2,000 per
barrel not so surprising given the expensive process of making oil and the high
consumer demand for this new luxury product. Production grew sharply in Pennsylvania, and
prices dropped nearly tenfold in a single year. In 1859, two thousand barrels were produced.
In 1860, half a million barrels were produced, quadrupling by 1861 to more than two million
barrels. Correspondingly, prices dropped into the teens before the US Civil War (1962-1964)
and brought on the first oil shock. Subsequently, with a massive surge in demand for all
commodities generated by the war effort, constriction in oil supply, blockages of turpentine
from the south, and a larger tax on alcohol (then a competing illuminant), prices escalated
well north of $120 per barrel the following year.
Coal
When Robert Edwin Dietz produced a modern kerosene lamp in 1853, thousands of whales
breathed a short sigh of relief. Illuminants, lubricants, and solvents prior to the commercial
introduction of oil were obtained from a variety of natural sources including the much
persecuted whale and sometimes exploited plant resources. There was limited production of
petroleum or gas from coal, asphalt, coal-tars, and shale. It was another Edwin, not Dietz, but
Drake who ushered in the Age of Illumination by oil. Edwin would drill the first commercially
owned well in Titusville, Pennsylvania, in the year 1859. The 69-foot (21 m) well was drilled
for the Seneca Oil Company.
Nat Gas
1859-1870: Illumination Births an Industry
January 2015
Summary
In Depth
Editorial
1. Oil production is technically driven
Summary
While the war and the shock may have been relatively short lived, many things were firmly
established in those early years:
In Depth
financing, which may have helped them win the war and recover faster in the post-war period.
The oil price curve mimics that of inflation during this time.
2. Oil is big business

Power
3. Oil helps win wars

4. Oil and fiscal policy are closely tied
Petroleum
5. Oil has no borders

6. Oil pricing is volatile
7. Oil can change the shape of the world
Nat Gas
Naturally, once the North won the war, tensions settled, markets regained their composure,
and the floor on oil prices dropped away before they started to climb again. In that brief
decade, the fledgling industry witnessed the two largest boom and bust cycles the industry
would ever face, but also primed the energy industry for what would be ongoing, highly
dramatized, and world-changing cycles. The first age was over, and Rockefeller was set to
make an entrance on the world stage.
Coal
Softs and
Metals
Finance
we can say with confidence that

oil prices have always known dramatic growth
and decline.
1870-1911: Rockefeller Creates the Multinational Oil Standard
Market
Analysis
In Depth
70
Data
Vendors
January 2015
Weather and
Emissions
Born July 8, 1939, John D. Rockefeller is arguably the most notorious business magnate
and philanthropist the world has ever known. The first American billionaire, at the
pinnacle of his power he controlled 90% of all US oil. In 1865, Rockefeller bought out
Clark & Company at auction for $72,500 to establish the firm of Rockefeller & Andrews.
He thereafter quickly manoeuvered to take advantage of the post-war posterity and
followed the trains westward to build a national oil business. The next five years saw an
expansion in scope as he built business ties and alliances as quickly as he built his oil
business. Pivotally, in June of 1870, Rockefeller formed Standard Oil of Ohio. Standard
Oil became essentially the one and only oil standard taking over Ohio and then the
nation. In the age of cartels and unrestricted monopolies, the oil men and the railroad
men (a.k.a. the Robber Barons) became the richest and most powerful people in the
world. Rockefeller ate up his competition until, by the end of the 1870s, Standard Oil was
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Thus the 1880s saw the irrevocable and

enduring connection among energy
(oil and electricity), geopolitics, and finance.
Market
Analysis
In Depth
71
Data
Vendors
But getting back to Rockefeller, we can observe that nothing lasts forever: not
monopolies, not civil wars, not world wars, not cold wars, not empires, not political
regimes, and not the national or geopolitical status quo. Rockefellers use of market
power to bust railroads and undermine competition finally led to charges of monopolizing
the oil trade in 1879. The scale had tipped as the business practices of Standard Oil
became a national talking point and a source of shame. It took another 22 years, but
eventually in 1911 the US Supreme Court found Standard Oil to be in violation of the
Sherman Antitrust Act. Standard Oil was broken up into 34 separate new companies. It
has been more than 100 years, but many of these companies remain, although often
January 2015
Editorial
Following Newberrys ominous predictions, two major technological advancements would

impact oil prices into the turn of the twentieth century. In 1878, the pivotal pioneer of the
electric industry, Thomas Edison, would invent the light bulb and essentially eliminate
demand for kerosene as an illuminant, sending the oil industry into a brief recession.
However, automotive pioneers on either side of the Atlantic would soon help them out of this
recession. In 1886, Karl Benz and Wilhelm Daimler introduced gasoline-powered
automobiles to Europe and fueled them with California oil. Following in the tracks of the
Germans, Henry Ford and his Ford Motor Company began producing the Model T (Tin Lizzie) in
1908. The oil industry would thereafter ride the coattails of automotive industrialists and their
fuel-ravenous consumers. Before the automobile, gasoline was simply a solvent produced
from kerosene distillation; in other words, it was a cheap way to strip paint.
Summary
Notably, Rockefeller was not the architect behind the doubling of oil prices in 1875, but
rather it was the US Government. In what would be the oft-called peak oil cry of the wolf (as
the regulator warned of the wolf amongst the flock, the sky falling, the end being nigh),
John Strong Newberry, the chief geologist of the state of Ohio, declared that oil supplies would
soon dry up. Obviously, this was no truer in 1875 than it was in 1973 when the Nixon declared
the Oil Crisis, or in 1979 when Jimmy Carter implemented subsidies to derive fuel from corn,
or in 2005 when George W. Bushs Energy Policy was developed to combat growing energy
concerns (partially arising from the war on Iraq) with tax incentives for alternative energy,
or during the Obama Administration when he dithered in his policies on energy
independence, $800 billion for clean energy investment, and the ever-pending approval of
the Keystone Pipeline.
In Depth
refining more than 90% of US oil. As the price setter, Rockefeller would even sell at a loss to
gain market share. And for the most part, prices were in decline for the greater part of the Age
of Standard Oil.
Power
Petroleum
Nat Gas
Coal
Softs and
Metals
Exiting the Gilded Age of the Robber Baron, of larger than life magnates, of industrialists and
financiers we approach the staging for world war. Eventually, the culmination of World War I
would end the European pastime of Empire building and put in place hegemonic practice of
Pax. Prior to the war, there was very little separation between building political influence, empire
building, and the building of personal wealth. Financiers and businessmen in Europe and
America were constantly conniving to establish their power, national empires, and personal
wealth by any means. Just because one oil magnates monopoly and aspirations were corralled,
it did not mean that the rest of the world was neutered.
Editorial
1911-1921 A Pax on You
Summary
There were other important developments in the Age of Standard Oil. Rockefeller actually
quintupled his wealth, as the assets broken up were worth significantly more than under the
monopoly. He essentially traded his monopoly power for wealth. Although 85% of global oil
production was coming from Pennsylvania in the 1880s, Russia and Asia notably joined the
fray during the 1880s, introducing pipelines and tankers to the technology mix. Further, the
Rothschilds of Paris were providing the financing. It was the age of power and dominium on a
global scale. As Mark Twain so aptly put it, it was the Gilded Age. Everything was shiny, new,
and exciting on the outside; however, on the inside, greed was insidious, ruthless speculators
abounded, scandal was rampant, and politicians were easily corrupted. Thus the 1880s saw the
irrevocable and enduring connection among energy (oil and electricity), geopolitics, and finance.
The stage was unknowingly set for the conflicts that would define the twentieth century as the
Age of the Pax and World Wars.
In Depth
transformed. Continental Oil became Conoco / ConocoPhillips. Amoco became part of BP.
Esso became Exxon and is now part of ExxonMobil. Mobil is now part of ExxonMobil. Pennzoil
and Chevron have remained largely the same.
Finance
In Depth
72
Market
Analysis
January 2015
Data
Vendors
While history may rightly denote the assassination of the Archduke Francis Ferdinand, the
heir to the Habsburg throne, on June 28, 1914, as the spark that set the world aflame,
the predisposition to war was already well established. Similarly, the sinking of the
Lusitania on May 7, 2015 may have been used as a ruse to draw the United States into
the war formally. However, the United States was already financially invested through
deals between the financial houses of the French Rothschilds and the American
Morgans as well as myriad other overseas industrialist ventures. As noted, the ties
among war, commodities, finance, politics, and social change were well established. But
it is important to note that, by the turn of twentieth century, London remained the
undisputed financier of the world. But soon, British industrial excellence would succumb
Weather and
Emissions
one must keep in mind that oil and industry

are inseparable.
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
Data
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Market
Analysis
In Depth
73
Weather and
Emissions
Arab land and control the Middle East the so called Sykes-Picot Agreement. And here
we have it, the Age of the Pax peace through might. By 1923, Britain had leveraged
Iraqs fear of invasion by the Turks to force the complete concession of all rights in the Iraq
Petroleum Company (the former Turkish Petroleum Company) for 75 years, despite
national sentiments opposing absolute concession. For the balance of the century, the
western hegemony would prevail with primarily Britain and the United States neck-deep in
Arab Oil in their quest for global dominance. The friction and uncertainty around oil supply
post war continued to push prices upwards; but oil prices basically stabilized for almost
half a century, until conflict in the Middle East started to come to head and Pax began
to unravel.
January 2015
Power
The Wild West was quickly transformed, as the

advent of Texas oil pushed the United States
ahead of the Russian Empire as the worlds
largest oil producer.
Editorial
An underappreciated outcome of World War I was the subsequent Arab Revolt (1916-1918).
Sherif Hussein bin Ali incited revolt to gain independence for the various Arab states from the
ruling Ottoman Turks. The desire was to create a single, unified Arab state from Syria to Yemen. At the time, the British controlled the Turkish Petroleum Company and thus held some
concessionary rights to oil. As far as Britain was concerned, it and France would divide up the
Summary
Of course, one must keep in mind that oil and industry are inseparable. Germany needed
resources and German industrialists and financiers made it so. Indeed, it was Deutsche
Bank that financed the Berlin-to-Baghdad railway project. Yes, long before the United States
stepped into what would later become Iraq, Germany had laid claim to the oil their geologists
had discovered in Mosul, Kirkuk, and Basra. Britain, however, was under the assumption that
Persian oil had been conceded to them. Churchill had converted the English naval fleet to oil
from coal and was desperate for fuel. He thus formed secret alliances with France and Russia
to encircle Germany in order to restrict its movements and incite political unrest throughout
Imperial Germany. Who really started World War I is immaterial; blame Serbia, blame
Austria-Hungary, blame Russia, blame Germany, and blame Britain. And if you decide not to
blame any country, you could certainly blame any number of financiers or industrialists.
Because, in the end, the war was about access to commodities. Although World War I was
epic, the resolution for ultimate global control would not be resolved at the wars end, nor
even in the sequel in 1939.
In Depth
to the natural resource strength of America and, more importantly, Imperial Germany (unified
in 1871). During its brief 47 years, Imperial Germany was an industrial and technological
force, achieving more Nobel Prizes in science than their soon-to-be adversaries in war (Britain,
France, Russia, and the United States) combined. The envy and fear of German might was
palpable. Germany had to be controlled at any cost!
Nat Gas
Coal
Softs and
Metals
Finance
Weather and
Emissions
Data
Vendors
But it was not only the Arabs who were feeling slighted. Germany also felt the weight of
oppression. Found guilty alongside Austria-Hungary for World War I, the wrath of the victors
imposed on them crippling financial sanctions and a disembodied empire. Germany was
totally demilitarized. It was not enough that they were faced with insurmountable debt, but
when the stock market collapsed on Wall Street on October 29, 1929, it sent financial
markets worldwide into a tailspin with disastrous effects. With huge debt, American loans
coming due, and the market for exports shrivelling, Germany was in desperate straits. With
people out of work, banks failing, savings evaporated, and subsequent hyperinflation, the
Market
Analysis
74
In Depth
January 2015
Petroleum
The Shaw in Persia abruptly cancelled Britains prized Anglo-Persian oil concessions in
November 1932. He rightly wanted a share of the profits to support building his countrys
infrastructure. Although Britain toyed with the idea of war, a compromise was reached after
the president of Anglo-Persia threatened to abandon the negotiations. Perhaps even more
staggering was Saudi Arabias King Abdulaziz bargain basement sale of oil rights for an
upfront payment of $250,000 by Standard Oil and a royalty of about $1.60 per barrel. The
Middle East would never truly find its footing, fighting amongst each other over borders and
rights, trying to manage the baffling effects of Pax.
Power
Actually, oil prices rode out the Great Depression and WWII with considerably less drama than
in any other period. That said, there was a momentary squeeze on oil in 1933 during the Great
Depression. With growing Texas supply and a decline in prices, the price per barrel reached a
low of around $12. Globally, other nations were upset with the United States, blaming them
for overproduction and illegal production. Although there was not the monopolistic Standard
Oil of old, the Standard Oil of post-1911 did exist within an oligarchic regime. Takeovers and
acquisitions were rampant, locally and globally. It was a period of global unrest, and the
Middle East was still in significant turmoil as they tried to throw off their western oppressors
and establish independence.
Editorial
In 1894, in Navarro County near Corsicana in East Texas, the American Well and Prospecting
Company discovered oil by accident while looking for water. By 1898, the Corsicana oilfield
was in production. The pivotal event, though, was the Spindletop strike in 1901. At that time,
it was the worlds most productive well. Texas and the world were never the same again. The
Wild West was quickly transformed as the advent of Texas oil pushed the United States ahead
of the Russian Empire as the worlds largest oil producer. The state came fully into its own by
1940 as the undeniable leader in the global oil economy just in time for World War II.
Summary
In the meantime, the Texas cowboys would have their day. It is not unfair to say that the oil
industry matured in Texas. Indeed, Texas, and specifically Houston, would grow to become
the energy capital of the world. As the state grew in wealth, so did its stature and influence.
The power and might of the United States, as well as its global aims, developed alongside the
oil industry. In fact, the United States would later produce father and son US presidents who
called Texas their home state and who would take the United States back into Iraq.
Gradually, the Pax Britainica would succumb to Pax Americana until the falsely perpetrated
Iraq War (a.k.a. the War on Terror).
In Depth
1921-1973 Texas Oil Boom in the Gusher Age
Editorial
Power
Weather and
Emissions
Data
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Market
Analysis
In Depth
75
Finance
The United States exited the war liberalized and empowered, entering a period of fabulous
growth. It was the post-war golden age of capitalism that would end in crisis in the 1970s.
This extended period of time was also called the long boom. Until 1973, the hegemonic
control by the United States of most of the worlds oil continued largely unabated. Both
the State and the major integrated oil companies were in charge. In July 1944, the Bretton
Woods System was put in place to manage the financial relations amongst the first-world
nations and established the gold standard, due to requirements to tie currency to gold.
Softs and
Metals
depression through relief, recovery, and reform. He changed fiscal policy and reformed
banking; but critically, he literally energized the nation by building massive electricity
plants and put people to work building physical facilities as well as in the war effort.
Coal
The armaments and nuclear bombs served as

a deterrent to another World War, but came at a
heavy economic cost.
Nat Gas
Going back to Texas, despite the war raging on, by the 1940s, the Texas Railroad Commission
had taken regulatory control of the Texas oil industry and managed to stabilize oil production
thus eliminating most of the wild price swings that were common during the earlier years of
the Texas boom. This basically meant that, from an oil standpoint, the United States entered
the war in a composed state. Pivotally, the Great Depression led US President
Franklin D. Roosevelt to develop the New Deal. The New Deal was a series of domestic
programs enacted between 1933 and 1938 designed to extract the United States from
Petroleum
But of course, this is the story of oil. Germanys heavy reliance on oil to power its immense war
machine was identified before the conflict. The British RAF and American USAAF conducted
a strategic bombing campaign to target facilities supplying oil no target in any enemy
country was spared. No oil, no war. At the close of World War II, with Hitler defeated and Japan
staggering from two atomic blasts, three things were firmly established: he who controls the
energy controls the world, an atomic age had been ushered in, and America was undoubtedly
the worlds superpower.
January 2015
Summary
Much of the 1930s saw war and strife in Europe: the Spanish Civil War, the annexation of
Austria, and the invasion of Czechoslovakia. However, it was the German invasion of Poland
on September 1, 1939, that set the world to full-scale war once again. On September 3,
Britain and France declared war on Germany but left their ally Poland to fall.
In Depth
German people were cast into ruin. The Germans were not alone, and many people across the
world turned to Fascism to save their economies. As history has shown, when times are tough
and changes need to be made, societies go to war. It seemed that Hitler was the man for the
job. He seized the opportunity, appealed to his disenfranchised countrymen, and built a
massive armed force.
Petroleum
Nat Gas
Coal
Softs and
Metals
Finance
About ZE PowerGroup Inc.:

ZE is an experienced software and strategic consulting firm that combines energy industry expertise with advanced
software development capabilities. ZE is the developer of ZEMA, a sophisticated enterprise data management and
analysis solution built to meet the challenges of participants in energy and commodities markets.
Weather and
Emissions
About ZEMA:
ZEMA is an enterprise data management software designed for collecting data and performing complex analysis.
ZEMA replaces fragmented data management processes with a sophisticated, unified, and automated system. Each
ZEMA component is modular and scalable, giving clients greater flexibility when integrating it into their organizations.
The solution is easy to use and backed by ZEs support team around the clock. It has been ranked first in the Energy
Risk Awards Data Management House of the Year category for five years in a row. In Energy Risks annual software
survey and rankings, it is also consistently rated by end users as first in the Preferred System, Ease of System
Integration, and Customer Service categories.
Data
Vendors
In Depth
76
Market
Analysis
Disclaimer:
ZE DataWatch is a report comprised of data updates and expectations for energy and commodities markets, powered
by ZEMA. The news contained in ZE DataWatch is for information purposes only. Although ZE PowerGroup believes
the information in this report to be correct, the organization does not warrant the accuracy or completeness of it.
Information in this report is not intended to provide financial, legal, accounting, or tax advice and should not be relied
upon in that regard. ZE PowerGroup is not responsible in any manner whatsoever for direct, indirect, special, or
consequential damages, howsoever caused, arising out of the use of this report.
January 2015
Power
In part two, we will discuss the three remaining ages of oil, draw some conclusions, and
consider the future of oil.
Editorial
To be continued.
Summary
As previously mentioned, nothing lasts forever. The Bretton Woods system collapsed in 1971
when Nixon unilaterally severed the agreement, leaving the world to flounder. The Nixon shock
sent the world into a tailspin and was to be followed soon by the OPEC shock. Nixon
disconnected the link between the dollar and gold, making the US dollar a fully floating fiat
currency. Nixon was prepared to print as much money as necessary to cover the costs of the
Cold War. Still, he worried about the long-term strength of the US dollar. Brilliantly, recognizing
the world was more hungry for oil now than ever (remember the cries of wolf about oil supply),
he simply swapped gold for black gold. Recognizing that Saudi Arabia would love to have the
United States as its ready market for oil, Nixon derived an agreement whereby Saudi oil could
only be purchased in US dollars. Problem solved everyone wanted US dollars. But lets not
celebrate too soon
In Depth
The United States was engaged in a cold war almost before World War II was over. The Cold
War was largely bloodless, save for excursions into Korea and Vietnam starting from 1950.
The Cold War served to bolster the US industrial complex and war machine. The armaments
and nuclear bombs served as a deterrent to another World War, but came at a heavy
economic cost. The benefits, though, were highly attractive. Being a central player in global
markets gave the United States ultimate freedom in deployment and foreign relations. The
United States was the go-to trade partner for all commodities. The United States intervened
where it wanted, when it wanted, with virtual impunity. Pax Americana was at its height prior to
the 1970s.

DataWatch January 2015

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Platts Introduces New

CME Group Launches

Thomson Reuters Appointed

The Seven Ages of Oil:

Changes to data attributes,

Softs and Metals

Monthly Market Analysis

News from Data Vendors

Weather and Emissions

The Excelerate Energys LNG terminal in

According to the EIA petroleum report, the

ConocoPhillips, Shell, Hess, Occidental

than the rest of the world in preventing the

While I find it very curious that the US

Advertising & Vendor Relationships

What a wonderful birthday present that

I choose to refrain from commenting on the

new alternative energy hubs, and the

IESO Merges with OPA

See the original announcement.

On January 2, 2015, the Independent Electricity System Operator (IESO)

Graph created with ZEMA

PEGAS Markets Operated by Powernext are Merged with EEX

Platts to Launch FOB Arab Gulf Gasoil Assessment

See the original announcement.

Platts to Launch Spot Metallocene Assessments

On March 6, 2015, Platts intends to assess FD NWE metallocene and

Specifications for metallocene C6 are: 1-Hexene comonomer based on the metallocene

See the original announcement.

On February 2, 2015, Platts extended its forward gasoil derivatives coverage

Platts Adds Gasoil Derivatives Content to Platts Forward Curve Asia

See the original announcement.

Graph created with ZEMA

Platts Introduces Daily European Orthoxylene Assessments

See the original announcement.

Effective February 2, 2015, Platts launched assessments for the value of

Platts Assesses European East-West Fuel Oil Spreads

On February 2, 2015, Platts began publishing FOB ARA orthoxylene assessments

Platts Adds Fuel Oil Derivatives Page to Platts Forward

Platts FO 180 CST SG vs FOB Rdam 3.5% FO at London MOC

See the original announcement.

Effective January 5, 2015, Platts launched new assessments for maximum

Platts Launches US Sulfur Bunker Fuel Assessments

Platts Introduces New Cut-off Time for Fuel Oil Market

Platts Introduces New US Shale Crude Commentary

See the original announcement.

Argus Introduces Argus Americas Asphalt and Argus

Fuel oil bunker HS

Gasoil bunker MGO

Fuel oil bunker HS

Fuel oil bunker HS

Gasoil bunker MGO

Fuel oil bunker HS

See the original announcement.

NYMEX Lists Freight Route Liquid Petroleum Gas

Freight Route Liquid Petroleum Gas (Baltic) Futures Contract

Argus Introduces New Russian Sulfur Bunker Assessments

1,000 metric ton

US Dollars and cents per metric ton

Minimum Price Tick

Minimum Price Tick for

Final Listed Month

CME Globex: 1 month